%% Sounds like you are right + it was thought of ; may not go thru anyway. Mr Fetterman has been wrong so long , hard to be wrong 100% wrong every day of his lifeLOL. And with their notice they are not going to bust the union up really dont need an alien buyer, even though he Asian automakers sure do a better job than GM.........................
cfius allowed the Chinese government to buy Lexmark (the printer company that has contracts within the pentagon)
Biden’s Foolish Snub of Nippon Steel The U.S. should be working with Japan to counter Chinese military and economic threats. By William Chou Dec. 22, 2023 6:41 pm ET 65 Nippon Steel’s Kashima plant in Kamisu, Japan Nippon Steel ’s proposed $15 billion acquisition of U.S. Steel “appears to deserve serious scrutiny,” the White House said Thursday. The statement came after an outcry from protectionist lawmakers, including Sen. John Fetterman (D., Pa.), who have cited union and national-security concerns and vowed to block the sale. The anti-Japanese business rhetoric is reminiscent of the 1980s, when U.S.-Japan trade tensions threatened to undermine a critically important bilateral alliance during the Cold War. U.S. politicians’ unjustified criticisms of the deal could strain relations between the U.S. and Japan and weaken their collaboration on trade and economic security. The White House should work with allies on economic and military cooperation, not criticize them. Objections to the sale don’t stand up to scrutiny. Leaders of the United Steelworkers, the main union at U.S. Steel, would prefer a sale to Cleveland-Cliffs , a domestic steel company. They claim that Nippon Steel won’t preserve previous collective-bargaining agreements, but the company has been operating in the U.S. for 40 years, has experience working with American unions, and says it will honor U.S. Steel’s union commitments. The sale protects American consumers. Had U.S. Steel merged with Cleveland-Cliffs, the new company would have dominated steel supplies for the auto industry and provided all the steel needed for electric-vehicle motors. The lack of competition would likely mean higher EV costs for consumers. Claims that the deal is a threat to national security aren’t convincing either. Opponents on Capitol Hill are urging Treasury Secretary Janet Yellen to use the Committee on Foreign Investment in the United States, or Cfius, to block the sale. This doesn’t make sense. Japan, unlike China, is an important American ally. Earlier this month, the bipartisan House Select Committee on the Chinese Communist Party recommended that Congress put Japan on the Cfius “whitelist” of close allies. Countries already on the list include Australia, Canada, New Zealand and the U.K. Being on this list exempts qualifying investors from Cfius jurisdiction over noncontrolling transactions, real-estate transactions, and mandatory filing requirements. Nippon Steel plans to maintain U.S.-based production, which will provide Americans with greater economic security. Chinese steel producers dominate the global market, accounting for nine of the top 13 companies. The deal will create the third-largest steelmaker in the world, and its U.S. presence will insulate American consumers from market distortions as Chinese producers dump their excess steel overseas. The irony is that the Biden administration’s industrial policies prompted the deal. Nippon Steel justifies its purchase on grounds that the Infrastructure Investment and Jobs Act will drive future steel demand and spur domestic production. The company also stands to benefit from the Inflation Reduction Act, which provides tax credits and other incentives for renewable energy projects that require steel to build. Nippon Steel’s efforts are notable given the administration’s record of missed opportunities on trade and economic-security cooperation with America’s allies. The Inflation Reduction Act sought to kick-start the clean energy transition, but it made America more reliant on Chinese-dominated electric-vehicle battery supply chains instead of favoring Japanese hybrid automotive technology, which is arguably cleaner than EV technology. No course correction is in sight. The Energy Department’s recent guidance on foreign entities of concern limits EV tax credits from the Inflation Reduction Act to companies in which an “entity of concern” has no more than 25% ownership. The Biden administration’s new rules limiting Chinese involvement, however, likely won’t go far enough to keep Ford Motor from working with Chinese battery manufacturer CATL—a partnership that will further tie American supply chains to China instead of Japan. The White House has been reluctant to work with allies on trade in other ways as well. The administration has made no progress on trans-Pacific trade agreements, suspended talks on key digital trade negotiations within the Indo-Pacific Economic Framework, and been unwilling to hammer out bilateral free-trade agreements. Resisting China’s economic coercion requires that the U.S. stop treating economic security as a zero-sum game, in which allies benefit at America’s expense. In their public statements, leaders in Washington and Tokyo say they understand the necessity of collaborating to reduce their supply-chain risks and protect their critical technologies from Beijing. Washington needs to put its words into practice. The White House should recognize that this deal is neither a dangerous foreign investment nor a threat to American economic security. It is an opportunity to show America’s commitment to its allies in an uncertain world. Mr. Chou is a Japan Chair fellow at the Hudson Institute. https://www.wsj.com/articles/bidens...-international-relations-japan-trade-e357fd9d
This will pass. Instead our capitalists will buy nippon shares, a sort of reverse acquisition, a dark humor, like we did with Samsung and alibaba.