Trump blocks $1.3bn sale of US tech company to China for ‘national security' reasons
Image via rt.com screen capture
Added 09-13-17 10:37:02pm EST - “President Donald Trump has blocked one of the largest attempted acquisitions of a US company by a Chinese firm, with the tough policy against China continuing, despite the exiting of White House chief strategist Steve Bannon, who…” - Rt.com
CLICK TO SHARE
On Wednesday, Trump issued an executive order through the Defense Production Act of 1950, denying the Chinese-backed private equity firm Canyon Bridge Capital Partners from acquiring US-based chipmaker Lattice Semiconductor Corporation for $1.3 billion.
Trump stated that Canyon Bridge “shall take all steps necessary to fully and permanently abandon the proposed transaction,” within a timeframe of 30 days, according to Reuters.
Treasury Secretary Steve Mnuchin released a written statement on Wednesday outlining the reason for blocking the deal.
"Consistent with the administration's commitment to take all actions necessary to ensure the protection of US national security, the president issued an order prohibiting the acquisition," Mnuchin said, according to the Oregonian.
White House Press Secretary Sarah Huckabee Sanders also released a statement referencing China’s stake in the deal, saying the “national-security risk posed by the transaction relates to, among other things, the potential transfer of intellectual property to the foreign acquirer.”
Watch the video:
Did China ask us if it was OK to devalue their currency (making it hard for our companies to compete), heavily tax our products going into..— Donald J. Trump (@realDonaldTrump) December 4, 2016
Post a comment.
CLICK TO SHARE
COMMENTS VIA TWITTER
Trump blocks Chinese purchase of U.S. company for national security reasons https://t.co/CjYJ0lFpxY via @mmcassella https://t.co/TuaWKfvNM4
Trump blocks Chinese purchase of U.S. company for national security reasons https://t.co/rYVlVniQVu via @mmcassella https://t.co/BXGeGYexu6
#Trump blocks $1.3bn sale of US tech company to #China for ‘national security’ reasons https://t.co/etIpaGiIvV
RT @politico: Trump blocks Chinese purchase of U.S. company for national security reasons https://t.co/CjYJ0lFpxY via @mmcassella https://t…
RT @CostinCercel: #Trump blocks $1.3bn sale of #US tech company to #China for ‘national security’ reasons https://t.co/Ze7cVHWrdi