The NYT reported that the Trump administration has told lawmakers on Capitol Hill that the United States and China have made a deal on ZTE, a large Chinese phone company.
The President had said earlier this week that they were in negotiations with China, and now it has seems a deal is done.
According to the Times, the deal would require ZTE to pay a hefty fine, shake up its management structure and hire American compliance officers.
The U.S. government would then lift the seven-year ban that prevents ZTE from buying U.S. products. The restriction was imposed after the company allegedly violated sanctions the U.S. government has in place on Iran and North Korea.
So business is back between American companies and ZTE. The company has lost $3.1 Billion dollars from the ban.
Of course, leaders on the Hill will not like this. Chuck Schumer and Marco Rubio will lead the complaints.