The executive order that President Donald Trump issued this week to block Broadcom Ltd. from pursuing its potential hostile takeover of Qualcomm Inc. did more than halt the $117 billion deal in its tracks. It also threatened to dampen M&A activity more broadly, as dealmakers reassess whether the administration will raise objections to other pairings, according to M&A lawyers.

The decision to block the Broadcom takeover comes amid already-heightened concerns over a regulatory crackdown on U.S.-China tech deals. It further raised some lawyers’ alarm because the president blocked the deal even before the two companies had an agreement, and before the Committee on Foreign Investment in the United States, which reviews acquisitions of American firms by foreign investors, had concluded a formal investigation.

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