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Nippon Steel (5401.T, NPSCY) and US Steel (X) are suing the Biden administration over the decision to block their merger, worth nearly $15 billion. The two companies are claiming it was a political decision while President Biden had previously voiced national security concerns. The Committee on Foreign Investment in the United States (CFIUS) couldn't originally come to a conclusion on the deal, with the decision ultimately falling on the president.
Morning Brief anchors Seana Smith and Brad Smith report more on this news, including Biden and President-elect Donald Trump's shared position on this subject.
Last week, CRU Principal consultant Josh Spoores told Yahoo Finance that he found Biden's decision to block the agreement "interesting" and "a little bit odd," while George Mason University's Jamil Jaffer pondered how the US could "ally shore" jobs by working with friendly nations like Japan.
Read up on Yahoo Finance's coverage of the fallout of the Nippon-US Steel deal:
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This post was written by Luke Carberry Mogan.