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President Biden blocked a proposed $14.9 billion acquisition of United States Steel (X) by Japan’s Nippon Steel (5401.T, NPSCY), citing potential national security concerns.
Yahoo Finance senior columnist Rick Newman joins Market Domination Overtime to touch base on how the move reflects union politics rather than a national security risk. Biden in the past has dubbed himself the "most pro-union president in history."
Newman also shares with hosts Josh Lipton and Josh Schafer that Biden's refusal to approve the deal leaves the company in an odd position, possibly leading to plant closures and job losses.
Catch former congressman and host of Yahoo Finance's Warrior Money podcast, Patrick Murphy, share his opinion as to why Biden should approve the deal, citing the vulnerability of factory workers in his home state of Pennsylvania.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Josh Lynch