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Trump's first big merger test is all about China

Alex Brandon / AP

President Trump is about to get his first big M&A test, and it has nothing to do with AT&T-Time Warner.

Oregon-based Lattice Semiconductor today said that it will ask Trump to directly approve its proposed $1.3 billion takeover by China-backed private equity firm Canyon Bridge, after receiving indications that the Committee on Foreign Investment in the U.S. (CFIUS) will recommend the deal be either suspended or prohibited.

Timeline: The President has 15 calendar days to side with CFIUS or Lattice. The final decision is his alone.