Business Briefs – March 12, 2018

Trump Blocks Broadcom Takeover of Qualcomm

WASHINGTON (AP) – President Donald Trump is blocking Singapore-based Broadcom’s takeover of U.S. chipmaker Qualcomm on national security grounds.

The White House says Mr. Trump is taking the action on the recommendation of the Committee on Foreign Investment in the United States, which reviews foreign purchases of U.S. entities. Broadcom made an unsolicited bid last year to take over Qualcomm, which has been met by shareholder skepticism and regulatory scrutiny on security and antitrust grounds.

Broadcom is in the process of moving its legal headquarters from Singapore to the U.S., with the company planning on finishing the move by April 3, 2018. Mr. Trump hosted Broadcom CEO Hock E. Tan in the White House last year as he announced the move. The company had hoped that would help it skirt the national security review.

Bids to Curb Health Care Costs Offer Little More Than Talk

WASHINGTON (AP) – What began as bipartisan attempt to curb soaring health care premiums in the nation’s health insurance markets is faltering in Congress. At fault are escalating demands from each party and erratic positions by President Donald Trump. Democrats want bigger federal subsidies for consumers under President Barack Obama’s health care law. Republicans aim to relax its coverage requirements and win certain restrictions. The bickering could collapse the whole effort, with each side blaming the other.

Trump Says Commerce Secretary Will Talk Tariffs With EU

WASHINGTON (AP) – President Donald Trump says his commerce secretary will be talking to the European Union about tariffs that he argues have been unfair to the United States. Writing on Twitter, Mr. Trump says Commerce Secretary Wilbur Ross will speak with EU representatives about “eliminating the large Tariffs and Barriers they use against the U.S.A.” The president announced last week that the United States would impose heavy tariffs on imported steel and aluminum, with some countries potentially exempted.

Get Started: Can’t Pay the IRS? You Do Have Options

NEW YORK (AP) – With a little more than five weeks until this year’s tax filing deadline of April 17, many small business owners are tussling with the question, how am I going to pay my taxes? When owners haven’t set aside enough money to cover their taxes, they do have options, including using savings, borrowing money or working out a payment plan with the IRS. But not filing a return because you can’t pay isn’t one of them. The IRS levies hefty penalties when a tax return is filed after the deadline.

China Shrinks Steel Industry Slowly, Drawing Western Ire

BEIJING (AP) – U.S. President Donald Trump’s blanket tariff hike on steel and aluminum reflects American ire over a flood of low-cost exports from China, whose steel output accounts for half the world’s supply. The industry swelled over the past decade to support a history-making Chinese construction boom. China has closed some steel mills but is moving too gradually to defuse American and European anger at a flood of low-cost exports.

U.S. Budget Deficit Jumped to $215.2 Billion in February

WASHINGTON (AP) – The federal government recorded a budget deficit of $215.2 billion in February, up significantly from a year ago as the impact of the GOP tax cuts passed in December begin to surface. The Treasury Department reports that the February deficit was 12.1 percent higher than a year ago, reflecting in part a drop of $5 billion in individual withholding taxes paid last month compared to a year ago.