It gave the government the power to block companies from purchasing equipment from foreign firms who are deemed to be a national security risk.
The order gives the secretary of commerce the authority to decide the transactions that include possible risk.
The Australian Government, similarly, did not name either company when it banned them from participating in the rollout of the country's 5G networks in August last year.
Reuters reported on Wednesday that the order was expected to be signed this week.
The signing of the order comes at a time when the US and China are involved in a trade war that has seen both countries levy tariffs on billions of dollars worth of exports.
Contacted for comment, a Huawei spokesperson told iTWire: "Huawei is the unparalleled leader in 5G. We are ready and willing to engage with the US Government and come up with effective measures to ensure product security.
"Restricting Huawei from doing business in the US will not make the US more secure or stronger; instead, this will only serve to limit the US to inferior, yet more expensive, alternatives, leaving the US lagging behind in 5G deployment, and eventually harming the interests of US companies and consumers.
"In addition, unreasonable restrictions will infringe upon Huawei's rights and raise other serious legal issues."