It's China.

Why?

Because they started spending an unprecedented amount of cash overseas, and now they're nowhere to be seen.

In particular, the U.

S have gotten very sensitive about the Chinese trying to buy its technology and, as a result, has taken steps to stop them from buying just about anything.

According to President Trump, it's a matter of national security.

Chinese deal making in the U.

S.

Fell into the single digit billions in 2018 and that's down from the tens of billions of dollars in the preceding years.

This is part of what is driving the trade dispute between the two countries.

The U.

S.

Sees the Chinese trying to get their hands on sensitive U.

S technology, while the Chinese are concerned about the US trying to stop them from rising as a nation.

The culmination of these tensions came last year when President Trump struck down 100 and $42 billion bid by a Singapore based company called Broadcom to by a U.

S chip maker called Qualcomm that prompted China to retaliate by suffocating Qualcomm's planned $44 billion takeover of a Dutch company called Annex B Semiconductors.

But it's important to know that the pushback against Chinese acquisitions is not limited to the U.

S.

Over the last few years, Germany, the UK, Canada and Australia have all introduced new measures to block foreign acquisitions.

Reading between the lines, it's all aimed at one country.

China.

It's not just President Trump.

Back in the U.

S.

Congress, with a bipartisan vote gave Sifi ists.

The Committee on Foreign Investment in the U.

S.

Which has the power to block inbound deals, Maur tools to limit foreign deal making.

So are expecting Chinese dealmaking to return to the record level scene a few years ago.

Well, unfortunately, for deal makers, the answer is probably no.