Note that this isn't a ban on ZTE products being imported to the US-- it's a ban on exporting components from the US to be used in ZTE's manufacturing. I imagine there will be alternatives found for any banned components.
This will encourage China to make more of their own stuff... kind of like when China started controlling rare earth and Japan looked into alternatives. But now Japan found a huge deposit under the sea and that whole rare earth issue will soon be moot.