President Biden’s announcement on Friday to block Nippon Steel’s acquisition of U.S. Steel is a political decision, not one rooted in law or facts. In his announcement, Biden provided no evidence of national security risks and failed to acknowledge the significant commitments made by Nippon Steel that would boost steel production and employment in America.
It is worth noting that throughout this process, the objections brought forth by the most adamant opponents of the deal--namely, United Steelworkers president David McCall, Cleveland Cliffs president Lourenco Goncalves, and the United States Trade Representative Katherine Tai--appear disingenuous at best and suggest the Committee on Foreign Investment in the United States (CFIUS) process has been corrupted.
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