China, US agree to settle ZTE ban

China and the US have agreed on the broad outline of a deal that would save imperiled Chinese telecom-equipment giant ZTE Corp, Xinhua reported on Tuesday.

The details are still being hammered out, the report added. If completed, the Trump administration would remove the ban on US companies selling components and software to ZTE, a penalty that has threatened to put the company out of business.

On Monday, US Treasury Secretary Steven Mnuchin told CNBC that "the intent was not to put the company out of business."

Commerce Secretary Wilbur Ross, who oversees the ZTE case, will reportedly visit Beijing next week.