A panel of economists at the Kent Clark Center has expressed the belief that Nippon Steel's proposed acquisition of US Steel is unlikely to reduce US employment or harm the US economy. Discussions are ongoing regarding whether the Biden administration should block the Japanese company's takeover bid for the American steel manufacturer. Former Treasury Secretary Lawrence Summers has stated there is no national security justification for questioning the proposed takeover, emphasizing Japan's status as a staunch ally. The deal, valued at $14.1 billion, is seen as a test for the Biden administration's economic strategy of 'friendshoring.' Meanwhile, commentators have noted that the reaction to the acquisition seems to be more political and performative, highlighting that many Americans work for companies based outside the US.
There is no remotely plausible national-security rationale for questioning the Nippon-US Steel transaction. Japan is a staunch ally. https://t.co/lEPZ1pP6QS
The Biden administration’s economic strategy of friendshoring is being put to the test as it reviews a $14.1 billion Japanese takeover bid for a U.S. steel company. https://t.co/thzOiTzM9M
The outrage from J.D. Vance (and others) over Nippon Steel buying U.S. Steel seems selective, political, and performative. Over 300,000 Ohioans work for companies based outside the U.S. -- as do nearly 8 million Americans. And that's fine. https://t.co/pLJFGq8n5z
"This is a test for the Biden administration," says Former Treasury Secretary @LHSummers of the proposed takeover of United States Steel by Japan’s Nippon Steel. Watch "Wall Street Week" Fridays at 6pm ET https://t.co/Hg4IFJ1Mf9 https://t.co/O6bJQC9ep7
Former Treasury Secretary Lawrence Summers said there’s no national-security justification for questioning the proposed takeover of US Steel by Japan’s Nippon Steel https://t.co/uEJ18VjRbE
Is a storm brewing with Japanese companies seeking to acquire American companies? @davidfaber @carlquintanilla & @jimcramer discuss why it's less so a tidal wave and more so a riptide, as well as the broader implications for the M&A pipeline. https://t.co/k9jPYsdp5a
Should Washington block a Japanese company’s takeover bid for for the American company U.S. Steel? FP’s @CameronAbadi and @adam_tooze discuss: https://t.co/thzOiTzM9M
.@KentClarkCenter panel of economists: economists largely believe that Nippon Steel's proposed acquisition of US Steel will neither reduce US employment nor harm the US economy. https://t.co/BqcTlK49W2 https://t.co/EIvqdTCK1Y