Biden Blocks $14 Billion U.S. Steel Acquisition by Nippon Steel

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NATIONAL SECURITY,STEEL INDUSTRY,MERGERS AND ACQUISITIONS

President Biden announced the blocking of the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, citing the importance of domestic steel production for U.S. national security. This decision aligns with the Biden administration's broader efforts to safeguard U.S. markets from foreign entities.

President Joe Biden on Friday announced a decision to block the $14 billion acquisition of U.S. Steel by Japan-based Nippon Steel, saying domestically produced steel is essential to U.S. national security.

Biden has preserved many of the tariffs imposed by former President Donald Trump, and he enacted a law that would ban China-based social media platform TikTok later this month if the company doesn't find a new parent company. The Supreme Court is set to hear arguments this month in a legal challenge brought by TikTok.

In response to the committee's decision, Nippon Steel alleged the White House had "impermissible undue influence" on the review. Nippon Steel has previously threatened to challenge the White House decision in court.

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