March 27, 2018 / 3:30 PM / 2 years ago

U.S. weighing emergency laws to prevent Chinese takeovers: Bloomberg

FILE PHOTO - A U.S. flag is seen during a welcoming ceremony in Beijing, China, November 9, 2017. REUTERS/Thomas Peter

(Reuters) - The Trump administration is mulling a crackdown on Chinese investments in technologies that the U.S. considers sensitive by employing a law reserved for national emergencies, among other options, Bloomberg reported, citing people familiar with the matter.

The International Emergency Economic Powers Act, enacted in 1977, allows the president to declare a national emergency in response to an “unusual and extraordinary threat.”

After declaring such an emergency, the president can block transactions and seize assets.

Earlier this month, U.S. President Donald Trump blocked a potential takeover of Qualcomm Inc by Broadcom Ltd, citing national security concerns.

The U.S. government and the Treasury department were not immediately available for comments.

Reporting by Parikshit Mishra in Bengaluru; Editing by Arun Koyyur

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