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In April, the commerce department barred ZTE from importing American components for seven years, having concluded that it deceived U.S. regulators after it settled charges last year of sanctions violations.

A U.S. Commerce Department spokesman said no definitive agreement has been signed by the two parties.

China's government devoted a lot of resources to save ZTE Corp. because it was concerned about the livelihood of its 80,000 employees, but that doesn't mean such support will always be there, according to a commentary carried on the website of a state radio station. ZTE also exported similar material to North Korea.

As part of the agreement, ZTE has promised to replace its current board of directors and executive team within thirty days and will allow the company periodic inspections to verify that the locally manufactured components are being used as agreed.

The U.S. Commerce Department has struck a deal with China's ZTE, paving the way for the telecom giant to again do business with U.S. companies. Once the Shenzen-based company completes this side of the deal, the US Commerce Department's Bureau of Industry and Security (BIS) intends to remove it from the country's denial order list.

ZTE is highly dependent on USA suppliers for parts used in its phones and other products.

A previous US ban on ZTE purchasing equipment from USA suppliers - which ZTE said was threatening to put it out of business - was also lifted under the deal.

U.S. President Donald Trump met with his trade advisers on Tuesday to discuss China's offer to import an extra $70 billion of American goods over a year in hopes of defusing a potential trade war between the world's two largest economies.

"We will closely monitor ZTE's behavior", said Ross in the release. These penalties are in addition to the $892 million in penalties ZTE has already paid to the U.S government under the March 2017 settlement agreement. Ross had been instructed to look into easing restrictions on ZTE by President Trump, who had received a personal request from Chinese President Xi Jinping.

It's been a really rough couple of months for ZTE, but according to new reports, the company's troubles may soon be over as it has apparently almost reached a deal with the United States government.

ZTE must hire a new compliance team selected by the U.S. Commerce Department for a 10-year term.

The company was found to have shipped its sophisticated telecommunications equipment to both nations and to have repeatedly lied to USA investigators about its actions.