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Trump blocks $1.3bn sale of US tech company to China for ‘national security’ reasons

September 14th, 2017
Categories: News

Link: https://www.rt.com/usa/403261-trump-chinese-acquisition-us-company/

President Trump has blocked one of the largest attempted acquisitions of a US company by a Chinese firm. 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,” Treasury Secretary Steve Mnuchin: "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."

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