The issue is that Huawei, like any other Chinese company, is an extended branch of the government. Auditing source code doesn't change the fact that Huawei is legally obligated to turn over data to the CCP.
Something like this could never happen in China. Tim Cook would've be in a state prison in a matter of days.
Not that ownership matters anyway. AT&T isn't owned by the US Government either, but I bet the CCP doesn't want them implementing infrastructure projects in China. Actually, we know for a fact they don't because their 'national champion' policy is well known.