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It's one of the best smartphone in the market, with all the top specs, is it a bad time to buy it in 2020 given the fact of US Government bans?

I am concerned about Google services and future Android updates. Can anyone provide some insight on these matters?

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The situation is fluid and likely to change but, based on available information :

It looks safe to buy

Note that the P30 was announced before Huawei was put on the US trade blocklist (aka its 'entity list'), and therefore continues to have full access to Google apps, services and security updates.

(entity list)... prevented Google from licensing Google Mobile Services (GMS) for new Huawei device models made available after May 16, 2019.

Caveats

  • From the same XDA blog

As we explained last week Huawei won’t receive support from Google if any changes they make to their future software builds break compatibility with Google apps.

  • SafetyNet status-unknown

We reached out to Huawei, though, to clarify if the company can continue to implement GMS into software updates for its existing devices indefinitely without collaboration from Google, and also to find out if existing devices will continue to pass SafetyNet Attestation following an update

(Emphasis added in quotes)

I suggest you keep a track of the XDA blog which is frequently updated and take a decision, if these inputs don't suffice.

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