China’s telecom equipment giant Huawei Technologies Co. Ltd. said it will pursue “remedies immediately and find a resolution” in face the threats of a business ban in the United States.

The U.S. Department of Commerce said Wednesday it was putting Huawei on a blacklist that could ban it from doing business with its American suppliers. The department did not specify when that would happen. The move came shortly after President Donald Trump signed an executive order that could effectively ban the Chinese company from selling technology in the American market.

A possible U.S. ban on Huawei’s equipment is in "no one’s interest" and will cause massive economic loss for Huawei’s business partners in the U.S., the Chinese company said late Thursday in a statement.

Huawei said it is working on measures to reduce the impact, without providing details. China’s Commerce Ministry opposed the U.S. move against Huawei and threatened to retaliate.

“We urge the U.S. side to stop its wrong practice, create conditions for normal trade cooperation for companies of the two countries and avoid further impacts on China-U.S. trade relations,” Ministry of Commerce spokesperson Gao Feng said Wednesday. “China will take all necessary measures to protect Chinese companies’ legal rights.”

Related: China Opposes U.S. ‘Unilateral’ Action Against Huawei