To say that the Chinese can be trusted in any sense of the word is stretching what you can expect from them. When push comes to shove, they are going to do what they need to do to maximize their national and international position. If it would be possible to shut down the the communications in any one country and either hold them hostage — or even, on a much smaller scale, just know what wireless traffic can provide them for information — they will do it in a heartbeat.
Interestingly, they are going away from the political and diplomatic strategy to use the courts and our democratic processes to get what they want to accomplish done. See The Cybersecurity 202: Huawei doubles down on legal fight with U.S.
To oppose instructions from their federal government could have the corporate officials failing to follow instructions whiling away their days in prison. With no due process!