President Donald Trump on Friday sought to reverse a multimillion-dollar deal the White House said allowed a Chinese-run company in Delaware to gain access to valuable semiconductor assets.

The president’s executive order cites national security concerns as the basis for blocking HieFo Corporation from acquiring digital chips made by Emcore Corporation, a New Jersey aerospace and defense company. The move seeks to unwind the $2.92 million merger the two businesses reached in 2024.

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