Biden expected to block Japanese bid for US Steel
The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns


What happened
President Joe Biden has decided to block the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns, The Washington Post and The New York Times said Friday morning.
Who said what
Biden's move deals a "probably fatal blow to the contentious merger plan," Reuters said, especially since President-elect Donald Trump has also "vowed to block the deal." Opposition to Nippon Steel's purchase of America's No. 3 steelmaker "blended election-year politics, nostalgia for a vanished era of American industrial supremacy" and competition with China, the Post said. The United Steelworkers union opposed the deal, but some of Biden's senior advisers "warned that rejecting a sizable investment from a top Japanese corporation could damage U.S. relations with Japan," a key ally.
Blocking the deal "would be an extraordinary use of executive power," especially for an outgoing president, the Times said, and the "departure from America's long-established culture of open investment" could have "wide-ranging implications for the U.S. economy."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Nippon Steel and U.S. Steel have "vowed to pursue legal action" if the government blocks the deal, the Post said. U.S. Steel could also "resume its search for a buyer," like No. 2 U.S. producer Cleveland Cilffs, or it could "opt to proceed as a stand-alone company."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Test flight of orbital rocket from Europe explodes
Speed Read Isar Aerospace conducted the first test flight of the Spectrum orbital rocket, which crashed after takeoff
By Peter Weber, The Week US Published
-
Trump 'not joking' about unconstitutional 3rd term
Speed Read The president seems to be serious about seeking a third term in 2028
By Peter Weber, The Week US Published
-
Myanmar quake deaths rise as survivor search intensifies
speed read The magnitude-7.7 earthquake in central Myanmar has killed a documented 2,000 people so far, and left scores more trapped beneath rubble
By Peter Weber, The Week US Published
-
What is the Mar-a-Lago accord?
Talking Point A Maga economic blueprint proposes upending the global financial system. Could it fly?
By The Week UK Published
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US Published
-
Could a private equity deal be the end of Walgreens?
Today's Big Question The pharmacy chain will be taken private in a $10 billion deal
By Justin Klawans, The Week US Published
-
How will the Fed manage Trump's economy?
Today's Big Question Jerome Powell is 'in a bind'
By Joel Mathis, The Week US Published
-
Why are CEOs having second thoughts about Trump?
Today's Big Question Tariff threats and economic warning signs create corporate uncertainty
By Joel Mathis, The Week US Published
-
Eggs too pricey? Rent a chicken.
Under the Radar The cost of eggs increased more than 15% in January
By Justin Klawans, The Week US Published
-
Rich people are 'powering' America's economy
Talking Points The income gap sets a new record
By Joel Mathis, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published