As President Biden, on the brink of stepping down from office, halted the $14 billion acquisition of U.S. Steel by Nippon Steel of Japan, citing national security concerns, it’s hard not to view this move as a display of extraordinary executive power, especially for someone who’s mere weeks from exiting the political stage. The emphasis on national security protection sounds noble, but whether it’s genuine duty or a strategic move to bolster his legacy remains to be seen. This action disrupts the long-standing culture of open investment in America, potentially sending ripples through the U.S. economy with deeper implications than the surface suggests.
Read from: https://www.nytimes.com/2025/01/03/us/politics/us-steel-nippon-biden.html