WASHINGTON — The Trump administration is set to once again extend a license that will allow American companies to continue doing business with Huawei, the Chinese telecom giant, people familiar with the deliberations said.

The fate of Huawei has hung in the balance for many months, as the Trump administration has deliberated over how to treat a company many American officials consider a national security risk, but the Chinese government views as central to its technology ambitions. While the company’s future is not technically a part of trade talks between the two countries, President Trump has brought Huawei up as a potential bargaining chip in a long-running trade war.

In May, the Commerce Department placed Huawei, which constructs advanced 5G networks that will be central to the next generation of wireless communication, on a blacklist that banned the firm from buying American products without government approval.

The ban posed problems for rural telecommunications companies in the United States, which rely on Huawei for parts and equipment as well as American companies that depend on selling to the Chinese firm. To give them time to adjust to the new order, the Commerce Department issued a general reprieve that allowed companies to continue to do business with Huawei for a short time.