Politics should not intervene in private business transactions without just cause. That is why ongoing efforts in America to block Nippon Steel's acquisition of U.S. Steel raise serious concerns.
The Japanese steelmaker announced in December that it would acquire its American peer. After former U.S. President Donald Trump stated his opposition to the plan, President Joe Biden chimed in on March 14 by saying, "U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated." Although he did not mention Nippon Steel by name, Biden made it clear he was worried about foreign capital acquiring U.S. Steel.
