FILE – President Joe Biden speaks during a Hanukkah Holiday Reception event at the White House in Washington, on Dec. 16, 2024. President Biden’s signature, while technically coming after the midnight deadline for a shutdown, ensured that there would be no lapse in government funding. On Friday, President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.
A review by the Hudson Institute concluded that the deal “would advance American economic, national security, and political interests at a time when the needs for secure domestic steel production and supply chains are paramount.” But President Biden just can’t figure out any of this. Instead, he chose one of his last presidential acts to be an exercise in executive overreach.
As Boehm notes, “even the Committee on Foreign Investment in the United States , a shadowy entity created during the late stages of the Cold War to review potential economic threats to the country that’s metastasized into an all-purpose mechanism for presidents to control American companies’ deals with foreign firms, declined to label the deal a threat.”
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