Seems like Biden is coming up with all kinds of surprises during his final days in office, in particular surprises that seem to tilt in favor of MAGA.
Or do they?
In a startling move, the Biden administration just blocked Japan’s Nippon Steel from acquiring U.S. Steel, an acquisition that had been vehemently opposed by Kamala Harris and Donald Trump alike on the campaign trail.
“Nippon Steel, Japan’s largest steelmaker, paid a hefty price to secure the purchase of the second largest US steel producer in a December 2023 auction. But the deal faced opposition from the powerful United Steelworkers Union as well as politicians …
Japan’s play on the major American industry caused a massive political controversy ahead of the November presidential election, particularly in the battleground state of Pennsylvania, where U.S. Steel is based. Biden, Kamala Harris and Donald Trump have previously all voiced opposition to the deal,” the Daily Mail reported.
Well then.
That’s rather interesting.
More often than not, the Republicans and Democrats appear diametrically opposed on numerous matters in domestic and foreign affairs, not to mention economic and social considerations.
Yet they have all banded together in order to block the Japanese acquisition of U.S. Steel, which is quite intriguing, especially with China lurking in the background.
President-elect Donald Trump is absolutely in favor of blocking the acquisition of U.S. Steel, making his feelings quite well known on his own social media platform.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company,” Trump declaredon Truth Social.
Very fair point. Especially as excessive outsourcing is undoubtedly what has led to deep-rooted weakening across the West.
“We will make U.S. Steel Strong and Great Again,” Trump added, citing tariffs and tax incentives as possible options.
One can only hope.
At the same time, one also does wonder why Biden seems so eager to block an acquisition that Trump himself wants blocked, especially given Biden’s antics in other endeavors.
Especially when that acquisition may well be another boon for China.
Indeed, as reported by the Daily Mail, U.S. Steel ranks only 24th worldwide, yet the combination of Nippon Steel and U.S. Steel would have resulted in the world’s third-largest steel producer.
As of 2023, six of the top ten steel-producing companies are Chinese.
Much like the Transpacific Partnership (TPP) deal that was similarly dismissed by Trump and former Democrat presidential candidate Hillary Clinton alike in 2016, the U.S. Steel-Nippon Steel merger was poised to contain the growing influence of China.
In essence, weakening Japan is akin to weakening democracy in the East hemisphere, as Japan is indisputably one of the strongest democracies in Asia, especially relative to its longstanding nemesis, China.
Therefore, while Biden’s recent block of the U.S. Steel-Nippon Steel merger may seem like a win for Americans now, it may become more of an albatross further down the road.
Author: Ofelia Thornton
