Japan Vows to Keep Trying for US Deals, Despite Steel Merger Block

Even after President Biden thwarted the plan of Japan's Nippon Steel to buy Pittsburgh's U. S. Steel, Japanese officials and business leaders remained steadfast in their pursuit of American deals. They warned that blocking such mergers could harm the economic partnership between the two countries. The biggest business lobby in Japan, Keidanren, cautioned that rejecting Nippon Steel's $15 billion offer could dim America's appeal to investors. Prime Minister Shigeru Ishiba even appealed to Biden, stressing the importance of the deal at a crucial moment.Back in the U. S. , both President Biden and his rival during the presidential campaign, Donald J. Trump, stood against the Japanese acquisition of U. S. Steel. The iconic American company is based in a state with significant electoral influence. Biden's decision to halt the merger on Friday was based on concerns over national security if a foreign entity controlled U. S. Steel. Nippon Steel and U. S. Steel sharply criticized Biden's move, labeling the review process as politically biased and the rejection as shocking. They are now considering legal action to revive their deal.