Trump Blocks Broadcom’s Bid for Qualcomm
- 6 years ago
Trump Blocks Broadcom’s Bid for Qualcomm
Steven Mnuchin, the Treasury Secretary, said in a statement
that the decision was part of the administration’s “commitment to take all actions necessary to protect the national security of the United States.”
He said the order was based “on the facts and national security sensitivities related to this particular transaction only
and is not intended to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled U. S. employees.”
Yet the order will undoubtedly raise questions about the extent to which the Trump administration is willing to intervene in private-sector decisions.
In a presidential order, Mr. Trump said there was “credible evidence”
that led him to believe that if Singapore-based Broadcom were to acquire control of Qualcomm, which is based in San Diego, it “might take action that threatens to impair the national security of the United States.”
The decision underscored the lengths that the president is willing to go to shelter American companies
and ward off foreign investment in the United States.
By CECILIA KANGMARCH 12, 2018
WASHINGTON — President Trump on Monday blocked Broadcom’s $117 billion bid for the chip maker Qualcomm, citing national security concerns and sending a clear signal
that he was willing to take extraordinary measures to punctuate his administration’s increasingly protectionist stance.
Mr. Trump has singled out Chinese steel as a key factor in his decision; he has said China
has routed steel through other countries and flooded the United States with cheap metal.
Steven Mnuchin, the Treasury Secretary, said in a statement
that the decision was part of the administration’s “commitment to take all actions necessary to protect the national security of the United States.”
He said the order was based “on the facts and national security sensitivities related to this particular transaction only
and is not intended to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled U. S. employees.”
Yet the order will undoubtedly raise questions about the extent to which the Trump administration is willing to intervene in private-sector decisions.
In a presidential order, Mr. Trump said there was “credible evidence”
that led him to believe that if Singapore-based Broadcom were to acquire control of Qualcomm, which is based in San Diego, it “might take action that threatens to impair the national security of the United States.”
The decision underscored the lengths that the president is willing to go to shelter American companies
and ward off foreign investment in the United States.
By CECILIA KANGMARCH 12, 2018
WASHINGTON — President Trump on Monday blocked Broadcom’s $117 billion bid for the chip maker Qualcomm, citing national security concerns and sending a clear signal
that he was willing to take extraordinary measures to punctuate his administration’s increasingly protectionist stance.
Mr. Trump has singled out Chinese steel as a key factor in his decision; he has said China
has routed steel through other countries and flooded the United States with cheap metal.