PITTSBURGH (AP) — President Joe Biden is promising to block the acquisition of U.S. Steel by a Japan company, saying it “should remain a totally American company. American-owned, American operated.
PITTSBURGH — President Joe Biden is promising to block the acquisition of U.S. Steel by a Japan company, saying it “should remain a totally American company. American-owned, American operated.”
The move reflects the intersection of Biden’s international trade policy with his reelection effort. The White House insists the move is more about shielding American manufacturing from unfair trade practices overseas than firing up a union audience.The Biden administration also promised to pursue antidumping investigations against countries and importers that try to saturate existing markets with Chinese steel.
Japan's Nippon Steel has proposed acquiring the company, and Biden last month came out against the move, saying “it is vital for it to remain an American steel company that is domestically owned and operated.” The announcement on steel tariffs was cheered by the U.S. steelmakers. Kevin Dempsey, president of the American Iron and Steel Institute, accused China of disrupting “world markets both by subsidizing the production of steel and other products and by dumping those products in the U.S. and other markets.”The U.S. imported roughly $6.1 billion in steel products in the 12 months ending in February 2023, but just 3% of those imports came from China, according to Census Bureau figures.
”China’s policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry," Brainard said. Referencing China's economic downturn, she added that Beijing “cannot export its way to recovery." The former president imposed broader tariffs on Chinese goods during his administration and has threatened to increase levies on Chinese goods unless they trade on his preferred terms as he campaigns for a second term. An outside analysis by the consultancy Oxford Economics has suggested that putting in place the tariffs Trump has proposed could hurt the overall U.S. economy.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nippon Steel pledges to move US HQ to US Steel's PittsburghNippon Steel would move its U.S. headquarters to Pittsburgh where its acquisition target U.S. Steel is based if the deal goes through, an executive said...
Read more »
U.S. Steel Shareholders Approve $14.1 Billion Sale to Nippon SteelU.S. Steel shareholders have overwhelmingly approved the company's sale to Nippon Steel of Japan for $14.1 billion in cash, despite opposition from the Biden administration. Concerns have been raised about the impact on unionized workers, supply chains, and U.S. national security.
Read more »
US Steel shareholders approve takeover by Japan's Nippon SteelShareholders of United States Steel (X) have greenlighted the company's acquisition by Japanese steel giant Nippon Steel. Yahoo Finance's Jared Blikre and...
Read more »
U.S. Steel shareholders give greenlight to Nippon Steel's $14.9 billion takeover bidExplore stories from Atlantic Canada.
Read more »
U.S. Steel shareholders approve $14.9-billion acquisition by Japan’s Nippon SteelThe approval takes the merger one step closer to completion even as political opposition to the deal mounts
Read more »
US Steel Shareholders Approve Nippon Steel’s $14.1 Billion Takeover OfferUnited States Steel Corp. shareholders voted in favor of a $14.1 billion takeover offer by Nippon Steel Corp., leaving the fate of the deal for the iconic American steelmaker to the realm of US regulators and politics.
Read more »