Even Chuck Schumer gave President Trump credit for blocking a foreign company from taking over U.S. chip maker Qualcomm.
“Let me say unequivocally, President Trump and his administration made the right decision on blocking Broadcom from taking over Qualcomm,” Schumer said during a speech Tuesday on the Senate floor.
These two have disagreed about every single item up for debate, but Schumer realized this was a great move by Trump and praised him for blocking it and the reasons for doing so.
Per Daily Caller:
“We all know that China has been rapacious about trade and very smart. They look for places where they can steal our best technology,” Schumer added.
Trump ordered Broadcom and Qualcomm on Monday to suspend all activities related to the takeover after a government investigation determined the merger would impair national security.
The union would have been one of the largest tech mergers in history valued at $117 billion and a rare case of a foreign company’s hostile takeover of a U.S. firm, raising concerns about precedent for overseas companies attempting to seize control of domestic companies.
The Committee on Foreign Investment in the U.S. (CFIUS) — a secretive body comprised of several cabinet members and the secretary of the treasury as its chairman — investigated Broadcom’s plan to takeover Qualcomm’s board through stock purchases and proxy votes in early 2018.
The Treasury Department had both classified and unclassified reasons the merger should be investigated, the department said. Qualcomm is the largest maker of critical semiconductors that power electronic devices from servers to mobile phones and is a global leader in developing 5G networks. It also has classified contracts with the Department of Defense and other agencies, according to the Treasury Department.
“Qualcomm has become well-known to, and trusted by, the U.S. government,” the Treasury Department said in a March 6 letter. “Having a well-known and trusted company hold the dominant role that Qualcomm does in the U.S. telecommunications infrastructure provides significant confidence in the integrity of such infrastructure as it relates to national security.”
Watch the video:
You know how much it hurt Chuck Schumer to say this.