US and China reportedly agree on ‘broad outline’ to lift ZTE sales ban

The U.S. and China have reportedly agreed on a "broad outline" to resolve Chinese mobile company ZTE's troubles.

According to CNBC, the agreement would see the U.S. supply ban lifted against the company as well.

BREAKING: US and China agree on broad outline to resolve ZTE issue, which would include removing the US sales ban to keep it in business – Dow Joneshttps://t.co/jn8limUSe7

— CNBC Now (@CNBCnow) May 22, 2018

Reuters reported the new deal could include China removing import tariffs on U.S. agricultural products while also buying more of them.

The Wall Street Journal reported the deal is still being hammered out and that there's no guarantee it would be finalized. According to the publication, ZTE may be required to pay a fine and make changes to its executive team and board seats in exchange to the lifting of the ban.

News of the deal comes a few days after the U.S. House Appropriations Committee approved an amendment to uphold the supply ban against the Chinese brand.

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ZTE was slapped with a supply ban by the U.S. after it violated sanctions against Iran. The ban deprived the brand of key smartphone components, including mobile chips from U.S. chip designer Qualcomm.

The Chinese manufacturer has already been feeling the pinch after the supply ban, having stopped "major operating activities" two weeks ago.

This is a developing story…

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