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U.S. Reached Deal To Keep Chinese Telecom ZTE In Business -New York Times

China -- A Chinese national flag and two flags bearing the name of ZTE fly outside the ZTE R&D building in Shenzhen, April 27, 2016
WASHINGTON, May 25 (Reuters)

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.

(Reporting by Roberta Rampton, David Shepherdson and Doina Chiacu; editing by Jonathan Oatis)