USA spies us europeans, it's all in Snowden documents, and it took 5 years for European Court of Human Rights to say that mass surveillance is bad, and the fact that we haven't seen real penalties for that is an issue.
While we still have no evidences that China is spying more than USA (even though Meng Wanzhou, daughter of Ren Zhengfei was arrested in Canada just few months ago for espionage, we don't know if that was true or not), we do know every chinese company must have a member of the communist party inside.
The main difference between USA and China is that one is our ally, the other is not, and how can you trust a non-democratic country? CCP can technically ask a chinese employee from one of our companies to send our data, and with Huawei, their networks and some of their suspicious projects, that's a real concern.
I like Huawei products, but Trump's decision is not that dumb (even though i do believe it's another one of those threats to grab a better deal from China), most american companies are not allowed to enter chinese market, why should you treat Huawei better?