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Trump administration reaches deal with ZTE

Donald Trump and Xi Jinping shake hands.
Photo: Thomas Peter - Pool/Getty Images

President Trump confirmed on Twitter Friday night that the administration reached a deal with Chinese telecom company ZTE, while criticizing Senator Chuck Schumer and former President Obama for past choices with the company.

Why it matters: The deal, per the New York Times, "could clear the way for further trade talks with China." It's contingent on ZTE hiring American compliance officers, paying a fine, and shaking up its management team. In return, the Times reports, ZTE will "once again begin doing business with American companies."