I agree with @Code_Reader.  The key is how Qualified Property is defined under §199A(b)(6) by reference to QBI (under subparagraph (A)(ii)), which, as @Code_Reader says, must be US-ECI, pursuant to §199A(c)(3)(A)(i).  Treas. Reg. §1.199A-2(c), which deals with UBIA of qualified property, then paraphrases what's already in the Code.

In other words, unless the foreign asset produces QBI, which must be US-ECI, it is not a qualified property for purposes of §199A and does not, therefore, have any UBIA as defined under Treas. Reg. §1.199A-2(c)(3).