TOKYO -- U.S. President Joe Biden's order to block Nippon Steel's acquisition of U.S. Steel is rousing concern among the Japanese government and business community that the incident will discourage Japanese corporate investment in the U.S. and weaken bilateral relations.
The $15 billion buyout plan is quickly becoming a diplomatic issue after Biden ordered Friday that the steelmakers abandon the deal due to national security concerns. Nippon Steel and U.S. Steel filed a lawsuit against the U.S. government on Monday, alleging that Biden and senior officials exercised "unlawful political influence" over the Japanese company's proposed acquisition of its American counterpart.
