Topic: Trump blocks foreign takeover of Qualcomm. Globalist libs outraged!
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WASHINGTON (REUTERS) - 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.

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Who be dat rappa cious?

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Qualcomm slashed 1,231 jobs in San Diego and another 269 workers in Santa Clara/San Jose as part of its $1 billion cost cutting plan.

The cellular technology company revealed the size of the mass layoff through required Worker Adjustment and Re-Training Act (WARN)
notices. They were received Thursday at the San Diego Workforce Partnership and other employment support organizations statewide.

Workers were told Wednesday of the layoffs, which become effective June 19. The company pledged to cut costs earlier this year as part
of its effort to fend off a hostile takeover attempt from chip rival Broadcom.

The Trump administration blocked Broadcom’s buyout on national security grounds. But it became clear that Qualcomm investors were
frustrated by its lagging share price and poor financial performance relative to its semiconductor peers.

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 Qualcomm's (QCOM) proposed $44 billion takeover of NXP Semiconductors (NXPI) is being held up by the Chinese
government, whose regulatory approval is needed for the deal to go through.

China's Ministry of Commerce said Thursday that Qualcomm needs to do more to ensure its takeover of NXP won't give
 it an unfair advantage over rivals.

It said that measures proposed by the San Diego-based company to tackle antitrust concerns "can hardly solve relevant
market competition issues."

The deal, first announced in October 2016, has been approved by regulators in eight other jurisdictions including the
European Union and South Korea. Only China has not yet cleared it on antitrust grounds.

Qualcomm, which makes smartphone components for Apple (AAPL), Samsung (SSNLF) and big Chinese firms such as
Huawei and ZTE (ZTCOF), resubmitted its application to Chinese authorities earlier this week, the Commerce Ministry said.

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