Huawei will still face serious limitations. It could buy US goods for maintenance, it could not use these goods to create new products.
A soft ban will probably not ease the tension between China and the United States. Huawei has insisted that the de facto ban will create "substantial financial damage" to the Americans, and China has interpreted it as an escalation of an ongoing trade war. This only shows that the United States cannot distance itself from Chinese telecom technology as easily as possible.