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President Biden blocked Nippon Steel's (NPSCY, 5401.T) $14.9 billion bid for US Steel (X) on Friday, even after the Japan-based company submitted a new buyout proposal to the US administration last week. The two steel manufacturers are now suing the Biden administration, claiming the decision was entirely political while the president has been vocal about national security concerns.
Yahoo Finance senior political columnist Rick Newman explains the situation this has created for US steelworkers and how this case may ultimately land in President-elect Donald Trump's lap after he reenters the White House in the coming weeks.
Read up on Rick Newman's coverage of the fallout of the Nippon-US Steel deal: This week in Bidenomics: Stranded steelworkers
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.
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This post was written by Luke Carberry Mogan.