Trump Blocks China-Backed Bid for Chipmaker Over Security Risk

Trump blocks Chinese takeover of US chip company

Trump acted on the recommendation of a multi-agency panel, the White House and the Treasury Department said Wednesday.

In the case of Lattice, CFIUS and the president decided "the transaction poses a risk to the national security of the United States that can not be resolved through mitigation", the Treasury said in a statement.

Trump's decision to personally stop the sale was based on fears that an investment fund with ties to Beijing could send sensitive manufacturing and intellectual property information to the Chinese government, according to Treasury Secretary Steven MnuchinSteven Terner MnuchinThe Hill's 12:30 Report 'Game of Thrones' polling company takes on White House shakeups Trump's tax lieutenants face a critical stretch MORE.

Lattice, a publicly traded company headquartered in Portland, Oregon, manufactures semiconductors for the consumer, communications, and industrial markets. Although Lattice no longer sells chips to the US military, its biggest rivals do. If it doesn't like a deal, it can recommend the president block it.

Provisions in the Defense Production Act of 1950, including the Foreign Investment and National Security Act of 2007, allows the United States president to take appropriate actions to prohibit foreign entities from acquiring USA businesses if such acquisitions pose potential risk to national security, the release said.

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But the process rarely gets that far.

In this instance, Lattice and Canyon Bridge refiled three times without winning approval before making the unusual decision to appeal to Trump in hopes of winning him over with a pledge to save jobs.

Lattice had said that Canyon Bridge now employs 300 people in OR - and Canyon Bridge has committed to adding 350 more if the takeover deal went through.

The president issued an order prohibiting a planned $1.3 billion deal for Canyon Bridge Fund, a Chinese-backed venture capitalist, to buy Lattice Semiconductor Corporation. The others are HNA's investment in Global Eagle Entertainment Inc., an in-flight entertainment and internet-services provider, and T.C.L. Industries Holdings' proposed purchase of Inseego Corp.'s mobile-broadband business.

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