Biden stops billions of bills: National security in danger!

Biden stops billions of bills: National security in danger!

Washington, D.C., USA - The outgoing US President Joe Biden plans to take over the billion dollar takeover of the steel group etc. To block Steel by the Japanese competitor Nippon Steel. This is reported by the Upper Austria Nachrichten . The takeover, which is evaluated at $ 14.9 billion (14.4 billion euros), is up for debate after the committee has not made a formal decision for foreign investments in the USA (CFIUS). Biden has to decide by January 7th, otherwise the merger will be approved automatically.

background of the decision

The upcoming decision is regarded as an exceptional use of executive power, especially for a president who is only in office for a few weeks. Biden thus deviates from the long-term American culture of open investments, which could have potentially far-reaching consequences for the US economy, as the New York Times . The CFIUS expressed concerns about national security and warned that the transaction could endanger American steel production. In addition, this could cause foreign investors to rethink their intentions when acquiring sensitive industries in the United States.

Critics of the takeover fear in addition to the risk of national security interests, but also the loss of jobs. Ex-President Donald Trump has also signaled his rejection of the business. According to reports, Nippon Steel is said to have offered far-reaching concessions, including a veto law of the US government against possible capacity cuts. Should bids actually prohibit the takeover, this could burden political relationships with Japan, an important ally of the United States.