US, China agree on outline to resolve ZTE issue

The U.S. and China have agreed on the broad terms of a deal to lift an American sales ban on a Chinese telecom giant, as the two countries work to deescalate trade tensions brought on by the threat of tariffs, according to a report Monday night.

Under the agreement as it stands, the Trump administration would rollback a seven-year prohibition imposed on U.S. companies selling to ZTE in exchange for ZTE making changes to its management and board of directors, as well as possibly paying hefty fines, American and Chinese sources told the Wall Street Journal.