McLernon: Biden Opposition to Nippon Steel Deal Is ‘Blatantly Political’

Will Impact Global Competition for Jobs and Strain U.S.-Japanese Relations

WASHINGTON, D.C. – Nancy McLernon, president and CEO of the Global Business Alliance (GBA), has issued the following statement in response to President Biden opposing Nippon Steel’s acquisition of U.S. Steel:

“Unfortunately, it’s clear that President Biden’s decision to come out against the deal is blatantly political as the government’s review of the transaction is not nearly completed. It may be President Biden’s pen that ultimately unwinds it, but it was Mr. Trump who forced Biden’s hand.

“This announcement is a snub to one of America’s closest allies. Japan is the largest foreign investor in the United States and contributes heavily to the U.S. economy, providing nearly one million American jobs. Blocking this deal not only contradicts the Biden-Harris Administration’s open investment policy but also risks alienating a key economic and security partner.

“To prevent an environment in which international companies are skeptical about making more investments in the U.S. and creating more American jobs, I urge the administration to reconsider its stance and allow the CFIUS process to remain apolitical as Congress intended it.”