Earlier quoted context omitted.
I don't really see the fear mongering or problem here. This executive order would forbid the government from purchasing and installing Telecom/Networking equipment that would be considered to have a higher than acceptable risk. Given that China isn't exactly the most friendly nation to the US, and given Huawei is by nature, an extension of the Chinese Government, it's not unreasonable to assume China might at some po…
The government deciding to not purchase that equipment for their own use in sensitive networks is one thing. (And this was already in place before this executive order.) Banning corporations from doing that in their own commercial networks is another thing (and that is what happens now). And pressuring other countries (either via ambassadors or other venues) and threatening with sanctions when they come to their own…
I'd argue that it depends.
Many of the corporations that would run this type of equipment end up transmitting, storing, or using sensitive and/or secret information (ranging from corporate trade secrets/IP to classified information), or could be open to abuse in other meaningful ways (cell towers recording private phone calls from important people, etc). There's no real limit to the potential abuse.
We only have to look at what the US Govt has done already, and that's with a legal system designed to prevent such a thing, as well as needing voluntary cooperation from independent private companies. Change all that to largely nationalized companies and a legal system which doesn't care... and you can see where it can go.