...from the attached article...
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The president previously said that critical industries, like the steel sector, must remain under the control of domestic players.
In December, the Committee on Foreign Investment in the United States (CFIUS) — which reviews mergers and acquisitions of US firms by foreign entities — failed to reach a consensus on whether to approve the deal and referred the decision to Biden, who leaves office on January 20.
The panel, led by Treasury Secretary Janet Yellen, warned the buyout could lead to a cut in US steel output, which would cause supply shortages, affecting the transport and energy sectors the most.
CFIUS warned the deal could scupper Washington's attempt to quash the dumping of cheap steel from China, where heavy industries receive massive subsidies from the Beijing government.
and...
Senior White House advisers had reportedly tried to persuade Biden to proceed with the purchase, as it would represent a sizable investment in an ailing US company. They also thought a veto could hurt ties with Japan, one of Washington's closest allies in the Indo-Pacific.
Both Biden and former President Donald Trump implemented protectionist policies in recent years to safeguard the US steel sector against a global oversupply, which has driven down prices. The measures included 25% tariffs on imported steel, while China was singled out for unfair trade practices.
Biden's veto is unlikely to be overturned by President-elect Trump, who campaigned on reviving US heavy industry, and last month wrote on his Truth Social social messaging platform that he was "totally against the once great and powerful US Steel being bought by a foreign company."
Trump has promised to use a mix of more tariffs and tax incentives to protect the US steel sector.
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Link: https://www.dw.com/en/why-both-biden-and-trump-oppose-japans-takeover-of-us-steel/a-71208746
Apparently, both Biden and Trump oppose the merger...
Replies to: "Apparently, both Biden and Trump oppose the merger..."
- Sleepy blocked a merger between US Steel and Nippon Steel. Official statement from US Steel: [LINK]
- Iggle - 12:24pm 1/4/25
(14) [View All]
- Meanwhile, transfers of business and tech to China proceed without Biden opposition. [NT] - NedoftheHill - 11:47pm 1/4/25
- It wasn’t a merger—It was an acquisition by the Japanese. [NT]
- Shadow_of_the_Dome - 10:35pm 1/4/25
- aka - a merger [NT] - Iggle - 9:16am 1/5/25
- You disagree with his decision? Even Orange agrees with him. [NT]
- Frank L - 7:03pm 1/4/25
- Whatabout, Frank? [NT] - NedoftheHill - 9:39pm 1/4/25
- Frances misses the point as usual. [NT]
- Iggle - 7:21pm 1/4/25
- You rarely have a good one, so what did I miss piggies? [NT]
- Frank L - 7:35pm 1/4/25
- Put your thinking cap on, dummy. [NT]
- Iggle - 7:42pm 1/4/25
- You can’t even articulate it, dumbass? - Frank L - 7:46pm 1/4/25
- Put your thinking cap on, dummy. [NT]
- Iggle - 7:42pm 1/4/25
- You rarely have a good one, so what did I miss piggies? [NT]
- Frank L - 7:35pm 1/4/25
- The very reason me and my siblings are alive today is because of U.S. Steel Gary Works. - ELP - 5:56pm 1/4/25
- "President Biden’s action today is shameful and corrupt" - Iggle - 2:47pm 1/4/25
- One side's opinion...again, both Biden and Trump have stated opposition to the merger. [NT] - TyroneIrish - 2:56pm 1/4/25
- Apparently, both Biden and Trump oppose the merger... [LINK] - TyroneIrish - 1:50pm 1/4/25