On Monday, President Donald Trump blocked the $117 billion bid of Broadcom for Qualcomm, a chip maker. The president cited “national security concerns” as his reason for blocking the bid. This move indicates that Trump is willing to go take bold measures to establish his administration as protectionist.
In an executive order, Trump said that “credible evidence” indicated to him that the acquisition of Qualcomm by Broadcom, which is based in Singapore, would threaten the national security of America. If President Trump hadn’t blocked the bid, the acquisition would have made history as the biggest technology acquisition in the business sphere.
This decision to block the bid suggests that Trump is willing to go to great lengths to protect domestic companies from foreign competition. In the past few weeks, the president has used tariffs, a government review panel, and other tools to prevent the foreign control of American industries. Mr. Trump appears to be particularly focused on hindering the rise of China.
Many of Mr. Trump’s actions have been focused on the technology industry. In the past, the United States has had a clear advantage in this field. However, China is quickly becoming a rival. Recently, the Chinese government has invested heavily in artificial intelligence, semiconductors, wireless networks, and other technology. However, the White House also said that it believes that the national security of the country depends on the advancement of these technologies.
~ Liberty Video News