HONG KONG—China’s Huawei Technologies Co. has canceled the launch of a new laptop and paused production at its personal-computer business because of restrictions on buying U.S. components, according to a person familiar with the matter.

The moves mark Huawei’s first tangible setback from the U.S. Commerce Department’s move to ban American companies from selling supplies to the Chinese company, while also demonstrating the importance of American businesses in the global personal-computing supply chain.

Huawei,...