Japan PM Requests Biden's Reassurance On Nippon Steel-US Steel Deal

In a recent online meeting with U.S. President Joe Biden and Philippine President Ferdinand Marcos Jr., Japan’s Prime Minister Shigeru Ishiba raised concerns over the stalled acquisition of U.S. Steel by Nippon Steel. Ishiba asked Biden to address the concerns from both Japanese and U.S. business communities regarding the deal’s status.

The discussion, which also touched on topics like economic security and maritime security in the South China Sea, highlighted the importance of fostering collaboration among allies to strengthen resilient supply chains. Ishiba emphasized that efforts to ensure businesses can operate and invest with confidence are essential for promoting economic security globally.

Specifically, Ishiba drew attention to the $14.9 billion bid by Nippon Steel for U.S. Steel, which has been delayed by the Biden administration. Earlier in January, President Biden blocked the acquisition on national security grounds. However, the U.S. government has extended the review period until June, which has led to growing uncertainty in the business community regarding the deal’s future.

This delay in approval reflects ongoing tensions between economic growth and national security concerns, underscoring the delicate balance that governments must navigate in such high-stakes international acquisitions.

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