Hong Kong (CNN Business) The US-China trade truce is over, and that's bad news for Huawei.

US President Donald Trump's plan to slap new tariffs on Chinese goods could threaten a promised reprieve for the Chinese tech company, which has become a flashpoint in the escalating trade war.

Before Trump fired his latest salvo, there had been some expectation that he could ease restrictions on the company. Huawei, which is the world's largest telecommunications equipment maker and a leading smartphone brand, has been on a US trade blacklist since May.

But the decision to reignite the trade war with a 10% tariff on $300 billion worth of Chinese goods from September 1 — effectively a tax on all goods from China that come into the United States — throws any respite into question.

"[T]his escalation increases the risk that Trump reneges on his pledges to save Huawei," analysts at the Eurasia Group wrote in a note Friday morning.