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WASHINGTON (AP) — President Joe Biden believes “serious scrutiny” is warranted for the planned acquisition of US Steel by Japan’s Nippon Steel, the White House said Thursday after days of silence on a transaction that has drawn alarm from the steelworkers union. Lael Brainard, the director of the National Economic Council, indicated the deal would […]
Leaders in both parties have been more restrained than some rank-and-file lawmakers — a sign of the countervailing economic and political dynamics at play.
Japan’s largest steel company’s plan to buy the United States Steel Corporation is facing a wide array of scrutiny, with some calling on the government to step in and scrap the agreement.
President Joe Biden "believes the purchase of this iconic American-owned company by a foreign entity -- even one from a close ally -- appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability," National Economic Advisor Lael Brainard said in a statement.
There is bi-partisan opposition to this planned acquisition, seemingly in contradiction to the United States' founding values upholding a free market. Why?