The Trump administration has agreed to relax its punishment of Chinese telecom company ZTE, Commerce Secretary Wilbur Ross said Thursday.

The company will pay a $1 billion fine and fund a new in-house compliance team staffed by U.S. experts, Ross told CNBC.

The move eases a seven-year ban on ZTE buying American parts, which Commerce levied in April. At the time, the Chinese government complained that the action could put the company, a major employer and star of the Chinese technology industry, out of business.

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