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In a highly unusual move last week, the Biden administration signaled that it would block a japanese company from buying an iconic american company in a critical swing state.
Today, my colleague Alan Rapoport on the politics that could doom a multibillion dollar deal and what it says about the new power of american labor.
It's Thursday, September 12.
So, Alan, there's been this really interesting standoff over the potential acquisition of US Steel, and now the sale is in jeopardy.
Understand why this is important?
Well, there's a really fascinating dynamic going on here.
We have a historic american company that was once the largest company in the whole United States, and now it's on the brink of being bought by a japanese company called Nippon Steel.
And so a lot of people, including workers, the union lawmakers, are not happy about this at all.
And last week, we got word that President Biden was actually preparing to go ahead and block this deal, which in a lot of ways was pretty surprising.
And why is that surprising?
Normally, presidents don't go ahead and interfere in foreign acquisitions like this, especially ones that are between a us company and countries that are allies.
But as we all know, we're in an election year and this is not a normal year.