Qualcomm had gained approval from eight competition regulators around the world but China failed to give its approval.

The company said attempts to extend the deadline won't be renewed, although it said that developments might cause it to change its mind.

The collapsed deal means that Qualcomm will have to pay NXP $2 billion to NXP and it will have to spend around $30 billion to calm down its own shareholders.

The failure of the deal – unless there is a last minute announcement by the Chinese authorities – is a blow to  Qualcomm's strategy.

According to a report in the US press, senior officials in the Donald Trump administration had frantically lobbied the Chinese government to consider the Qualcomm case on its merits.

But considerations of the trade war initiated by the US president has, it seems, caused the Chinese government to dig its heels in.