President Joe Biden vows to block Nippon Steel's $14.9bn acquisition.

President Joe Biden has vowed to block the $14.9bn acquisition of U.S. Steel by Japan's Nippon Steel, and called for a tripling of tariffs on Chinese steel imports. Biden has accused China of "cheating" by overproducing steel and subsidizing the cost, leading to "unfairly low prices" in the global market. He has stated that he will not let American workers lose their jobs due to Chinese steel imports, and highlighted the decline in jobs during his predecessor's tenure.

April 17, 2024
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