Trump said on Saturday that "US companies can sell their equipment to Huawei," which will not make the transactions a "major national emergency problem".
In May, the US Department of Commerce banned the sale of goods manufactured in America to Huawei without first obtaining a license. US officials have accused the company of having worked to undermine US national security and foreign policy interests.
Trump said Huawei is still part of the ongoing trade discussions between Washington and Beijing, but for now he will continue to allow US companies to sell parts to the Chinese company.
The Commerce Department, which imposed the ban on Huawei last month, did not respond to a request to comment on how to change the company's status. The White House did not immediately respond to questions as to whether Commerce had already asked to investigate the problem.
Huawei responded to one of the company's official Twitter accounts: "U-turn Donald Trump suggests that he would again allow #Huawei to buy US technology!"
Huawei denies allegations of misconduct. In recent weeks, it has taken the trouble to regain access to US products that are critical to the supply chain.
These companies did not immediately respond to requests for comments on Saturday.
Trump seemed to acknowledge that US suppliers are not satisfied with the current policy.
"The (US) companies were not exactly happy that they could not sell," he said. The US is selling an "enormous amount of products" to Huawei, he added.
However, the ban on buying goods from American companies is not the only political hurdle facing Huawei in the United States. A Trump executive order signed in May prohibited US companies from buying or using Huawei telecommunications equipment. Officials said it could pose a spy for western infrastructure networks.
Huawei, a global leader in the development of technologies supporting 5G networks, said a US company ban would ultimately harm American businesses and consumers. 19659004] "Restricting Huawei's business in the US will make the US neither safer nor stronger, and instead only limit the US to lower quality but more expensive alternatives, leaving the US lagging behind in 5G deployment." said in a statement to the executive order.