Biden vows to block US steel acquisition by Japanese firm, calls for tariff hike on Chinese steel

News Snapshot:

“I promise you, US Steel will remain American-owned, American-operated, and staffed by American union steelworkers—the best in the world,” pledged the Democratic president President Joe Biden assured enthusiastic unionised steelworkers Wednesday that his administration would prevent the acquisition of U.S. Steel by a Japanese company. He also advocated for tripling tariffs on Chinese steel, aiming to leverage trade policy to gain support from working-class voters in Pennsylvania, a key battleground in the upcoming elections. Addressing the United Steelworkers union headquarters, Biden emphasized the historical significance of U.S. Steel as an iconic American company, stressing the importance of keeping it entirely...