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ZTE will have to pay a $1 billion penalty, change its board and executive team within 30 days, and accept to embed a "compliance team" from the US government within its organization. The sources said that ZTE has also agreed to allow US representatives to make site visits without coordinating with Chinese government officials, as required by a non-public agreement between the countries.

Citing "sources familiar with the matter", Reuters disclosed Tuesday that ZTE could soon be allowed to buy the USA products.

Back in April, as punishment for continued violations of a previous export ban settlement with the US, the US Department of Commerce's Bureau of Industry and Security enacted a denial order against ZTE.

He noted that if the company does violate it again, in addition to the billion dollars they are paying the United States up front, it would have "to put $400 million into escrow". Further fees could be assessed for a grand total as much as $1.7 billion.

Resolution of the ZTE case may clear the way for progress in those trade talks. This includes once again being able to receive Qualcomm SoCs and the Android OS for their smartphones, along with the numerous components used in their networking gear.

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A ZTE spokesman couldn't be reached for comment.

In addition, a compliance team chosen by the United States will be embedded at ZTE, and the company must change its board and executive team.

The company paid $892 million in fines, with an additional $300 million suspended to encourage compliance with the settlement. "The Chinese public was up in arms because they believed the USA was destroying ZTE". "No decision has been reached by both sides as of now", Kudlow told reporters. Earlier this month, Trump announced he wanted to help ZTE, as part of negotiating a trade deal with China. Specifically, Bloomberg reported that the US might lift the export ban if Chinese regulators approve Qualcomm's $43 billion bid for NXP. The company has also been accused of posing a national-security risk to the U.S. In February, six U.S. intelligence chiefs told the Senate that hardware from the Chinese company could not be trusted and advised Americans not to use ZTE phones. "It's unprecedented to have USA agents as monitors ..."

"It doesn't really move the ball forward on the deeper structural issues in U.S".

A sign of ZTE Corp is pictured at its service centre in Hangzhou, Zhejiang province, China May 14, 2018. Smaller makers of optical components, including Oclaro and Acacia, rely more heavily on ZTE's business.