The Trump administration told lawmakers it reached a deal to keep Chinese phone maker ZTE in business, a person familiar with the matter told The New York Times. 

The deal, which was arranged by the Commerce Department, requires ZTE to pay a "substantial" fine, hire American compliance officers and change its management team. The Commerce Department, in return, would lift an order that currently prevents the company from buying American products. 

ZTE, the fourth-largest smartphone maker in the US, has been dealing with the seven-year ban after the government determined ZTE violated terms of a 2017 settlement by failing to properly reprimand employees involved with illegally shipping US equipment to Iran. The ban forced ZTE to shut down its "major operating activities." 

The Commerce Department's new deal would permit the company to once again do business with US companies including chipmaker Qualcomm, which is a key supplier to ZTE. 

The White House and ZTE didn't immediately respond to requests for comment.