President Donald Trump‘s administration is telling Congress it has come to an agreement to boost Chinese telecommunications company ZTE, The New York Times reported, citing a person familiar with the matter.

As part of the deal, ZTE would pay a financial penalty, revamp its management and hire American compliance officers, the newspaper reported. The U.S. would scrap a ban on the company buying American products under the agreement.

An agreement to revive ZTE, which has argued the U.S. penalties would cripple its operations, could possibly help critical trade talks between the U.S. and China. Trump has said he agreed to help the firm, a major smartphone supplier in the American market, at the request of Chinese President Xi Jinping.

The prospect of a deal to aid the phone maker has prompted bipartisan criticism from Capitol Hill.

The White House did not immediately comment on reports of an agreement.

Read the full Times report here.

This story is developing. Please check back for updates.

Source: Tech CNBC
Trump administration is telling Congress it has an agreement to save China's ZTE: New York Times