Trans-Pacific Tensions: Japan Urges Biden Over Steel Deal

Japanese Prime Minister Shigeru Ishiba has urged President Joe Biden to approve Nippon Steel's acquisition of U.S. Steel. The $15 billion deal faces opposition from a U.S. labor union and CFIUS. Japan highlights strong investment ties with the U.S. as a reason for approval.

Japanese Prime Minister Shigeru Ishiba has made a direct appeal to President Joe Biden, urging him to sanction Nippon Steel's proposed $15 billion acquisition of U.S. Steel.

Biden, however, has aligned with a potent U.S. labor union in resisting the move, referring the matter to the Committee on Foreign Investment in the United States (CFIUS). This clandestine body is responsible for examining foreign investments for possible national security implications. A verdict from CFIUS is anticipated by next month, ahead of the inauguration of President-elect Donald Trump, who has promised to halt the acquisition.

In his correspondence, Ishiba emphasized Japan's position as the U.S.'s largest investor and highlighted the mutual benefits of sustained Japanese investment. Ishiba called on Biden to authorize the acquisition, noting that such a move would uphold the accomplishments of the U.S.-Japan Alliance during Biden's presidency.

(With inputs from agencies.)