In a highly unusual move, the Biden administration signaled last week that it would block a Japanese company from buying an iconic American company in a critical swing state.
Alan Rappeport, who covers the Treasury Department for The Times, discusses the politics that could doom the multibillion-dollar deal, and what it says about the new power of American labor.
Guest: Alan Rappeport (https://www.nytimes.com/by/alan-rappeport) , an economic policy reporter for The New York Times.
Background reading:
• President Biden is expected to block Nippon Steel’s takeover of U.S. Steel (https://www.nytimes.com/2024/09/04/us/politics/biden-us-steel-nippon.html) .
• How swing-state politics are sinking a global steel deal (https://www.nytimes.com/2024/09/05/us/politics/us-steel-nippon-pennsylvania.html) .
For more information on today’s episode, visit nytimes.com/thedaily (http://nytimes.com/thedaily?smid=pc-thedaily) . Transcripts of each episode will be made available by the next workday.
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Don’t know who was advising Nippon Steel on the acquisition but buying US Steel during an election year was a nonstarter. No doubtUS Steel will be bought at a cheaper price after it goes into liquidation/ restructuring
Remember great ally
Japan was the one who started a war with America!
Duh….the sale won’t go through. US Steel will slide along into late 2025 when fundamental issues on competitaveness and pension burden will again be part of the executives seeking to sell out.
I mean I get it, even if it was a good deal, you can’t have this during election season. Trump would get on TV saying look the Democrats sold out this great American company. It just energizes his bring everything home, tariffs on foreigners message
I wonder what will be the tone tone of New York Times towards the Union position if they rename themself to “Hollywood writers” instead of ” Steel workers”