The company admitted earlier this week that it had ended its "major" business operations, due to a hardware supply ban placed on it by the U.S.
The company said Sunday it had submitted a request to the U.S. commerce department for a stay of the export ban, along with supplemental information.
ZTE then halted operations, stressing in a statement Wednesday that it is "actively communicating with the relevant USA government departments in order to facilitate the modification or reversal" of the Commerce Department's order.
Qualcomm last month said it expected lost sales to ZTE to lower its earnings by 3 cents per share in the current quarter.
It's possible Trump may be using ZTE's situation as a bargaining chip with China so he can negotiate a new trade deal with the country.
USA officials are preparing for talks in Washington with China's top trade official Liu He to resolve an escalating trade dispute.
A May 1 formal request by ZTE to the US Commerce Department for an immediate stay of the April 15 ban went unheeded, according to a person familiar with the matter.
"ZTE misled the Department of Commerce", Ross said.
American companies are estimated to provide 25 percent to 30 percent of components in ZTE's equipment, which includes smartphones and gear to build telecommunications networks.
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Meanwhile, ZTE, which relies on USA firms for key smartphone components, including microchips from Qualcomm and glass from Corning, has said the US export ban is a massive disruption to its business and ZTE Chairman Yin Yimin called it unfair and unacceptable.
Trump's reversal will likely have a significant impact on ZTE's USA suppliers such as Qualcomm Inc and Intel Corp.
While the ZTE case has a specific legal basis, the ban comes as US-China trade relations have hit a rough patch, amid an intense rivalry for supremacy in key technology fields such as artificial intelligence and 5G, the next-generation wireless systems in the works.
A few days ago, things were looking bleak for China's smartphone company ZTE.
"Imagine how the United States would feel if China had the power to crush one of our major corporations and make it go out of business", Reade said.
"As of now, the company maintains sufficient cash and strictly adheres to its commercial obligations subject to compliance with laws and regulations", ZTE said.
The company was slapped with sanctions by the U.S.
It will also disrupt ZTE's overseas operations.