As reported by Reuters, Google has suspended all business with Chinese firm Huawei, denying them access to apps on Android and Google Play (the Android store, as we know it). 

Source: The National

Seeking to blacklist the use of Chinese technology in the wake of the recent multi-billion dollar trade war, the first step for the US has been initiated by Google, pulling its Android and services license from Huawei. 

Source: Thurrott.com

What does this mean for someone who owns a Huawei smartphone? 

As per Google officials, Huawei smartphone owners will continue to get access to Google's services. However, the future owners Huawei phones will be the ones affected. 

Source: Engadget

Going on the record about the ban, Huawei spokespersons told Techcrunch

Huawei has made substantial contributions to the development and growth of Android around the world. As one of Android’s key global partners, we have worked closely with their open-source platform to develop an ecosystem that has benefitted both users and the industry. Huawei will continue to provide security updates and after sales services to all existing Huawei and Honor smartphone and tablet products covering those have been sold or still in stock globally. We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all users globally.
Source: Los Angeles Times

With nearly 50% of all of Huawei's sales coming from outside China, loss of access to Google's operating system will stagnate expansion efforts outside China significantly.