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Biden’s Nippon Steel rebuff is a plus for China
The rejection of a deal with a close US ally and the manner of it is an insult to Japan that won’t be easily forgotten.
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Nippon Steel chairman Eiji Hashimoto insisted on Jan 7 that the firm had no reason to back down from its bid for United States Steel and wasn't looking at alternative options.
PHOTO: BLOOMBERG
Gearoid Reidy
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The most telling moment in the Biden administration’s decision to block Nippon Steel’s attempted takeover
In the executive order preventing the deal on spurious national security grounds, staffers for President Joe Biden appeared to accidentally copy-and-paste the title of a previous presidential order – one ordering a Chinese crypto mining company to vacate property near an Air Force base. The words in the Nippon Steel directive stated: “Regarding the acquisition of certain real property of Cheyenne leads by MineOne Cloud Computing Investment.”
