Broadcom said it strongly disagreed that the deal raised security concerns. That could leave the USA hobbled in the race to develop next generation, 5G wireless technology, according to people familiar with the matter.
"We've got to wake up and realize that China, Russia and other competitors are out there constantly trying to get technology", Portman said.
Qualcomm shares had fallen 5.2 percent to $59.55 at 0930 EDT on March 13, while Broadcom shares rose 1.5 percent to $266.93.
Broadcom said it was reviewing the presidential order.
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"A shift to Chinese dominance in 5G would have substantial negative national security consequences for the US", CFIUS said.
The Committee on Foreign Investment (CFIUS) has said that it is anxious that Broadcom would slash research and development at Qualcomm.
This is the fifth time a United States president has blocked a deal based on CFIUS objections and the second deal Mr Trump has stopped since assuming office. CFIUS had told lawyers for the companies in a letter dated Sunday that Broadcom had repeatedly violated its order to provide the panel with five days' notice before taking any action on its redomiciliation plan.
"If Broadcom completes its redomiciling in the USA in a way that extinguishes any non-US ownership or control, then I think they can open the door to many, if not all, acquisitions. they would effectively no longer be subject to a CFIUS-initiated review or investigation", said Guillermo Christensen, a lawyer who works on CFIUS issues at Brown Rudnick in Washington.
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The move had little precedent. The company will also drop its challenge to Qualcomm's board, the people added.
Mr Trump signed an order late on Monday to halt what would have been the biggest-ever technology deal on concerns that a takeover of Qualcomm by the Singapore-based company would erode the United States' lead in mobile technology and give China the upper hand.
Trump's order came as Broadcom was in the midst of moving its headquarters from Singapore to the U.S. Broadcom announced the move in November after its CEO Hock Tan met with Trump at the White House.
A Broadcom-Qualcomm merger would create a new and powerful rival in two areas that Intel is banking on for future revenue growth: smartphone processors and data centers, according to the Journal. Broadcom's options are "not many, and not good", said Michael Gershberg, an attorney with Fried, Frank, Harris, Shriver & Jacobson LLP, who has experience with CFIUS cases.
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This item was corrected at 12:32 p.m. ET on Tues., March 13, 2018 to show that A bipartisan group of 22 House members wrote to the Committee on Foreign Investment in the U.S.in December 2016, not December of previous year.