The US and China are working toward a deal that would save ZTE, the Chinese phone maker that’s been on life support since being hit with an American trade ban last month. According to The Wall Street Journal, both countries have agreed to an outline of what a deal might look like that would save the company. Discussions are still ongoing, however, and it’s still not a sure thing that the issue will be resolved.
Under the current outline, the US would lift its trade ban on ZTE, enabling the company to buy US components and use US software again. In exchange, ZTE would reportedly make significant changes, including shaking up its management and board. It would likely also pay major fines.
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