The American semiconductor titan Qualcomm found itself in the crosshairs of the US-China trade spat when its mega deal — as in $44 billion dollars — to buy a Dutch chip-maker has cleared every global regulatory approval required — except in China. With no approval from China in sight and a deadline looming at midnight tonight, Qualcomm has announced that pending any new material developments, it will terminate the deal and instead buy back its own stock. This is just one way China can punish American firms doing business there as the tariff war heats up.

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