(DCWatchdog.com) – In a new controversy stirred by the Biden administration at its very end, it is being accused of corruption by U.S. Steel after the President blocked a multi-billion dollar sale to Japan’s Nippon Steel, leaving many wondering if the decision serves national interests or hidden political agendas.
See the tweet below!
U.S. Steel had announced a $14.9 billion deal to sell to Nippon Steel.
However, President Joe Biden halted the sale, citing national security concerns.
This extraordinary use of executive power is seen as a departure from the U.S.’s tradition of welcoming open investment.
Biden emphasized that maintaining a domestically owned steel industry is crucial for national security.
His decision follows pressure from the United Steelworkers union, aligning with his political promises.
However, some argue it’s merely a political gesture to secure union support ahead of the elections, particularly in swing states like Pennsylvania.
Japanese government officials called Biden’s decision “incomprehensible” and expressed concerns over future U.S.-Japan investments.
Despite assurances from the companies involved to retain jobs, U.S. Steel warned of potential factory closures without the deal.
This has left many questioning whether this decision genuinely benefits American workers.
“President Biden’s action today is shameful and corrupt,” said U.S. Steel President and CEO David Burritt.
“He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers, and our national security,” he added, cited by The Daily Wire.
Analysts suggest the deal might be revisited under a future administration with different terms.
Meanwhile, Nippon Steel and U.S. Steel have threatened legal action, claiming the review process was manipulated for political gain.
The decision came after the Committee on Foreign Investment in the U.S. (CFIUS) failed to reach a consensus.
The consequences of this decision could be far-reaching.
CFIUS had expressed concerns about the sale jeopardizing national security by potentially reducing American steel production.
With the stakes so high, the controversy surrounding Biden’s decision isn’t going to subside anytime soon.
“The Chinese Communist Party leaders in Beijing are dancing in the streets,” Burritt remarked.
“We needed a President who knows how to get the best deal for America and work hard to make it happen. Make no mistake: this investment is what guarantees a great future for U.S. Steel, our employees, our communities, and our country,” he added.
President Joe Biden has blocked the $14.1 billion sale of US Steel to Nippon Steel https://t.co/dJxYeDIKoN
— Bloomberg Politics (@bpolitics) January 3, 2025
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