Japan's Ishiba Urges Biden on Steel Acquisition

Japanese Prime Minister Shigeru Ishiba has expressed strong concerns to U.S. President Joe Biden regarding the latter's decision to block Nippon Steel's $14.9 billion acquisition of U.S. Steel, citing national security issues. During a three-way online meeting, Ishiba emphasized the need for collaboration among allies to build resilient supply chains and ensure investment security. The blocked deal has been a point of contention, with both companies initiating legal action against the Biden administration for what they claim is illegal interference. The acquisition was seen as essential for U.S. Steel's viability, despite warnings from opponents about potential job cuts. This situation highlights the complex interplay of national security and economic cooperation as Japan and the U.S. navigate their strategic partnership, particularly in the context of rising tensions with China in the South China Sea. A deadline for unwinding the acquisition has been extended to June 18, reflecting ongoing negotiations.