Japan's PM Ishiba Urges Biden to Ease Worries Over Nippon Steel's U.S. Deal 🤝
In a move to strengthen economic ties, Japanese Prime Minister Shigeru Ishiba reached out to U.S. President Joe Biden to ease concerns surrounding Nippon Steel's planned acquisition of U.S. Steel. 🌐
The conversation took place during a dynamic three-way online meeting on Monday, which also included Philippine President Ferdinand Marcos Jr. 📱💻. According to a spokesperson from Japan's Ministry of Foreign Affairs, Ishiba emphasized the need for allies to collaborate in establishing resilient supply chains.
\"Cooperation among allies and like-minded countries is indispensable for creating strong supply chains,\" Ishiba highlighted. \"It's super important to ensure companies can invest with peace of mind to boost economic security.\" 💪🌏
The spokesperson confirmed that Ishiba specifically brought up the Nippon Steel-U.S. Steel deal during the discussion. 🇯🇵🇺🇸
After the meeting, Ishiba told reporters, \"I mentioned that strong concerns are being raised not just in Japan but also within the U.S. business community. I urged President Biden to dispel these feelings.\" 😟➡️🙂
The backdrop to this request: The Biden administration had delayed until June 18 an order for Nippon Steel to abandon its massive $14.9 billion bid for U.S. Steel. This came after the president earlier blocked the acquisition on national security grounds back on January 3. 🗓️🚫
Both steel giants aren't backing down without a fight. They've launched legal action, accusing the outgoing U.S. president of \"illegal interference.\" 🏛️⚖️
This high-stakes saga not only impacts the steel industry but also underscores the importance of trust and cooperation between nations in our interconnected world. Stay tuned as we keep you updated on this unfolding story! 🔄🌐
Reference(s):
Ishiba asks Biden to allay concerns over Nippon Steel-U.S. Steel deal
cgtn.com
