On Friday, President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.
“It is my solemn responsibility as President to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our national sources of strength at home and abroad; and it is a fulfillment of that responsibility to block foreign ownership of this vital American company,” Biden announced.
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