NOT the President.
The Congress has delegated power to the President on this issue and on Tariffs and Trade Agreements.
I don’t know the specific statute but if it didn’t exist, believe me there would be lawsuits filed on that specific issue.
“Committee on Foreign Investment in the United States (CFIUS), the multi-agency panel charged with reviewing foreign investments in US companies that may have national security implications. If CFIUS finds such a transaction poses a threat to US national security, it recommends that the President use his authority under Section 721 of the Defense Production Act of 1950 (Section 721) to block or order divestment of the acquisition. “
Here is the intervention authority I think the President is using.