U.S. Senate Democratic leader praises Trump's blocking Broadcom's takeover of Qualcomm
Senator Chuck Schumer, the top Democrat in the U.S. Senate, on Tuesday praised President Donald`s Trump`s decision to block chipmaker Broadcom Ltd`s proposed takeover of Qualcomm Inc, calling China`s trade practices "rapacious."
Trump on Monday blocked Broadcom`s effort to buy Qualcomm on national security grounds, ending what would have been the technology industry`s biggest deal ever amid concerns that it would give China the upper hand in mobile communications.
"President Trump and his administration made the right decision on blocking Broadcom from taking over Qualcomm," Senate Democratic Leader Chuck Schumer said in a speech on the Senate floor.
"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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.