Bargaining Chips in a Trade War

U.S. semiconductor makers are vulnerable because they produce and sell a lot in China, where deal making may also prove difficult

Dan Gallagher and

Justin Lahart

April 20, 2018 5:30 a.m. ET

Qualcomm’s unwelcome role as punching bag in the U.S.-China trade dispute highlights the vulnerabilities of industries like chip makers as the rhetoric heats up.

China’s antitrust regulator raised questions Thursday about the company’s proposed $44 billion acquisition of NXP Semiconductor. Qualcomm has since refiled for approval but has set a deadline of July 25, after which it would walk away and pay NXP a termination fee.

The...