The U.S. government has reached a deal to put Chinese telecommunications company ZTE Corp back in business, the Trump administration told lawmakers, according to a report Friday in the New York Times.
The deal, brokered by the Commerce Department, requires ZTE to pay a substantial fine, place American compliance officers at the company and change its management team, the Times reported, citing a person familiar with the agreement. The Commerce Department would then lift an order preventing ZTE from buying U.S. products.
The White House did not immediately confirm the deal.
"We’ll let you know when we have an announcement on that front," spokeswoman Sarah Sanders said.
A congressional aide told Reuters the Trump administration held a classified briefing to discuss the status of the ZTE talks, but did not elaborate.
ZTE was banned from buying American technology components for seven years for violations of sanctions against Iran and North Korea. The Commerce Department decision would allow it to resume business with U.S. companies, including Qualcomm Inc, the chipmaker that is a key ZTE supplier.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)