President Biden's blocking of the $14 billion acquisition of US Steel by Nippon Steel signals a commitment to maintaining domestic control over critical industries, amidst national security concerns.
The decision was met with harsh criticism from various pundits and corporate groups, who labeled it a capitulation to special interests but found some support from labor and political leaders.
Jason Furman, former head of the Council of Economic Advisers, condemned Biden's decision as 'a pathetic and craven cave to special interests that will make America less prosperous and safe.'
The ongoing lawsuit filed by Nippon and US Steel against Biden's decision raises questions about the future of cross-border mergers and the influence of domestic political decisions.
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