Unlock the White House Watch newsletter for free
Your guide to what the 2024 US election means for Washington and the world
US President Joe Biden blocked Japan’s Nippon Steel’s $15 billion deal to buy US Steel, setting Washington’s relationship with its closest Asia-Pacific ally back.
Biden, who has long opposed the purchase, issued an order on Friday forcing Nippon Steel and US Steel to “completely and permanently withdraw from the proposed transaction” within 30 days.
His move comes just 17 days before he hands over the presidency to Donald Trump, who also opposes the deal.
In the order, Biden said there was “credible evidence” that through the acquisition of Nippon Steel “could take actions that threaten to endanger the national security of the United States.”
The announcement comes after the Interagency Committee on Foreign Investment in the US failed to reach a consensus by a Dec. 23 deadline on whether the acquisition poses a national security threat.
Shares of US Steel fell nearly 8 percent in premarket trading on Friday.
This is a developing story
