President Biden has called for a national security review of Nippon Steel's proposed $14.9 billion acquisition of US Steel, with top economic adviser Lael Brainard emphasizing the importance of the steel industry in building clean energy infrastructure. The sale has posed a political dilemma for Biden, who has cast himself as the most pro-union US president in decades. Despite industry analysts being skeptical that the sale will be ruled a genuine national security threat, political pressure may prevent the deal from going through. However, some argue that there are no meaningful national-security concerns raised by Nippon Steel's acquisition, as the plants will remain in the U.S., making it possible for the U.S. to take them over in the unlikely event of war.
There are no meaningful national-security concerns raised by Nippon Steel's acquisition. Even if you set aside that Japan is our ally, the plants will (obviously) remain in the U.S. So in the unlikely event we need to take them over in time of war, we'll be able to do that. https://t.co/OO0KqR8zV4
The irony of ironies: Much criticism of Nippon Steel’s bid emanates from those who support the industrial policies that made U.S. Steel an attractive takeover target in the first place. https://t.co/2PjnuYyWV2
Today’s editorial: Why there’s no reason to worry about the Japanese takeover of U.S. Steel https://t.co/2PjnuYyWV2
From the Editorial Board: Why there’s no reason to worry about the Japanese takeover of U.S. Steel https://t.co/E127Lj9BXI
"Biden’s Foolish Snub of Nippon Steel" by @WillRevenge https://t.co/VTXxWNCAn6 via @WSJopinion "The irony is that the Biden administration’s industrial policies prompted the deal" https://t.co/RmHdduczps
WH skeptical of U.S. Steel sale to Japanese firm, calls for 'serious scrutiny' National Economic Advisor Lael Brainard further highlighted the importance of the steel industry in building clean energy infrastructure. Read more ⬇️ https://t.co/mE8vVclHLb
What is the specific national security concern that people have with Nippon Steel buying US Steel? What is the left tail scenario where this could create bad external outcomes?
$X 🔸 BRAINARD: NEED REVIEW ON US STEEL DEAL GIVEN NATIONAL SECURITY
U.S. Steel has agreed to be acquired by the Tokyo-based Nippon Steel, but will political pressure prevent this deal from going through? Read @amconmag: https://t.co/mbz0PWnnlL
🔸 BIDEN FOCUSED ON STEEL INDUSTRY, WANTS IT TO THRIVE: BRAINARD
Nippon Steel-US Steel: 1) Politics: "Fetterman and Brown are warning Biden that the sale could hurt Democrats with organized labor" 2) Reality: "Industry analysts are skeptical...that the company’s sale will be ruled a genuine national security threat" https://t.co/terrEDU1YM https://t.co/Ii2nsXDUG7
Thanks @TheTelegraphUK for publishing my piece on why #Biden scuppered a US-UK trade deal: "Biden has chosen the path of policy mediocrity over economic statesmanship, and businesses and consumers on both sides of the Atlantic will pay the price." https://t.co/OwINpzTVfp
U.S. Steel has agreed to be acquired by the Tokyo-based Nippon Steel, but will political pressure prevent this deal from going through? @bradleydevlin for @amconmag https://t.co/QvIyFqlKBM
$X (-0.7% pre) White House Says $14.1 Billion U.S. Steel Sale Deserves ‘Serious Scrutiny’ - WSJ https://t.co/AQxTDF5ueQ
Amid US Steel blowback, Biden (and Trump) tread cautiously https://t.co/EnztFp6GYi
And there it is: "Nippon’s proposed $14.9bn acquisition of the Pittsburgh-headquartered steel producer has... posed a political dilemma for Biden, who has cast himself as the most pro-union US president in decades...." https://t.co/vEVjAPS5wy
Top economic adviser to President Biden says US Steel sale deserves "serious scrutiny" https://t.co/6PXZoZIW5O
Another day, another opportunity to treat a friend like a stranger. "Biden calls for investigation of Nippon Steel’s bid for US Steel" - https://t.co/xMwBgQ7rId via @FT
Biden calls for national security review of Nippon Steel’s bid for US Steel: FT