The U.S. government likely to kill the Nippon Steel deal, and unions are backing them up.
Presidential meddling is dooming the U.S. Steel deal, and Japan's not pleased.
Both Presidential candidates support blocking the deal.
In a rare show of unity, Joe Biden’s White House, Kamala Harris, and
even Donald Trump—yeah, you read that right—all seem to agree on one thing:
stopping Japan's Nippon Steel from scooping up U.S. Steel for a cool $15
billion. This sudden confluence of political heavyweights is about as common as
a unicorn at a dog show, and it’s thrown the whole corporate world into a
tizzy.
The Nippon Steel acquisition was supposed to be a big deal. After all,
Japanese firms have been pouring money into the U.S. like it’s the last party
on Earth, with
nearly $783 billion already invested in various industries, from cars to
chemicals to biotech. But now, thanks to a good old-fashioned American
political showdown, the deal is on life support, and the prognosis isn’t
looking great.
Presidential Meddling: Not Exactly a U.S. Tradition
Here’s the real kicker: U.S. presidents usually stay out of corporate
buyouts. But this time, the Biden administration has decided to slap down the
proposal as a “national security threat.” What’s behind this rare
intervention? Political survival, of course. The stakes are high in
Pennsylvania—home to Big Steel and a crucial swing state for the next election.
The White House’s move has ticked off Tokyo, which sees it as a slight
against one of America’s most loyal allies. Japan has made the U.S. its
primary investment destination, having dethroned the UK as the top foreign
direct investor in America about five years ago. Japanese corporations like
Toyota and Astellas Pharma have thrown billions into U.S. ventures, but now the
spigot might start to close if Washington keeps playing hardball.
The Union’s Take: No Love for Nippon
If you think this is all just some kind of political theater, think
again. The steelworkers’ union in the U.S. is digging its heels in, too.
They’ve taken a hard
stance against the deal, declaring it would be a disaster for American
workers. The union argues that selling off U.S. Steel to a foreign entity—even one from a friendly nation like Japan—could put jobs and national
interests at risk.
Of course, the union’s opposition gives Biden a nice little political
bonus: he gets to be the guy who stood up for American workers in a key
battleground state. It’s like hitting the election jackpot while appearing to
protect national security—a win-win for the administration, if not for
Nippon.
Japan’s Reaction: “Seriously, America?”
From Tokyo’s perspective, this whole thing feels like a bad episode of
a reality show where the rules keep changing. Japan Inc. is confused and a
little bit annoyed. After all, Japanese companies have been some of the biggest
cheerleaders for Biden’s recent industrial policies, investing in green energy,
EVs, and pharmaceuticals—all sectors supported by the Inflation
Reduction Act and the CHIPS
Act.
Now, however, Japanese investors are feeling a little spooked. “At the
margin, it might discourage some investors from putting the next dollar into
the U.S.,” says
a cautious Matthew Goodman from the Council on Foreign Relations. The idea
that a single deal could unravel decades of investment enthusiasm is a bit
much, but then again, this is geopolitics we’re talking about—where logic often
takes a back seat to posturing and power plays.
However, it does appear that the Japanese firm is still trying to save the deal, with executives from the two companies meeting in the US.
The Bigger Picture
Of course, looming over all of this is the upcoming U.S.
presidential election. Trump, who is no fan of foreign takeovers unless he’s
orchestrating them, has already promised to roll back Biden’s projects like the
Inflation Reduction Act if he makes a comeback. Meanwhile, Japan is bracing
itself for a new prime minister, who may or may not be as keen to maintain the
sunny status quo with Washington.
Add to that the ever-present threat of a truculent China, and you have
a scenario ripe for geopolitical headaches. Yet, despite all the drama, the
U.S.-Japan alliance is unlikely to implode entirely. As Tobias Harris from
Japan Foresight points out, “Japan is willing to put up with a lot to maintain
the relationship.” So, we’re not exactly on the brink of a major fallout, but
the trust factor? Yeah, that just took a bit of a hit.
At the end of the day, this dying steel deal is a story of political
unpredictability. It’s a story of rare presidential meddling, labor union power
plays, and international hand-wringing. If there’s one thing to take away from
this saga, it’s that when it comes to U.S. politics and global business,
nothing is off the table—not even the president's intervention in a corporate
takeover.
In a rare show of unity, Joe Biden’s White House, Kamala Harris, and
even Donald Trump—yeah, you read that right—all seem to agree on one thing:
stopping Japan's Nippon Steel from scooping up U.S. Steel for a cool $15
billion. This sudden confluence of political heavyweights is about as common as
a unicorn at a dog show, and it’s thrown the whole corporate world into a
tizzy.
The Nippon Steel acquisition was supposed to be a big deal. After all,
Japanese firms have been pouring money into the U.S. like it’s the last party
on Earth, with
nearly $783 billion already invested in various industries, from cars to
chemicals to biotech. But now, thanks to a good old-fashioned American
political showdown, the deal is on life support, and the prognosis isn’t
looking great.
Presidential Meddling: Not Exactly a U.S. Tradition
Here’s the real kicker: U.S. presidents usually stay out of corporate
buyouts. But this time, the Biden administration has decided to slap down the
proposal as a “national security threat.” What’s behind this rare
intervention? Political survival, of course. The stakes are high in
Pennsylvania—home to Big Steel and a crucial swing state for the next election.
The White House’s move has ticked off Tokyo, which sees it as a slight
against one of America’s most loyal allies. Japan has made the U.S. its
primary investment destination, having dethroned the UK as the top foreign
direct investor in America about five years ago. Japanese corporations like
Toyota and Astellas Pharma have thrown billions into U.S. ventures, but now the
spigot might start to close if Washington keeps playing hardball.
The Union’s Take: No Love for Nippon
If you think this is all just some kind of political theater, think
again. The steelworkers’ union in the U.S. is digging its heels in, too.
They’ve taken a hard
stance against the deal, declaring it would be a disaster for American
workers. The union argues that selling off U.S. Steel to a foreign entity—even one from a friendly nation like Japan—could put jobs and national
interests at risk.
Of course, the union’s opposition gives Biden a nice little political
bonus: he gets to be the guy who stood up for American workers in a key
battleground state. It’s like hitting the election jackpot while appearing to
protect national security—a win-win for the administration, if not for
Nippon.
Japan’s Reaction: “Seriously, America?”
From Tokyo’s perspective, this whole thing feels like a bad episode of
a reality show where the rules keep changing. Japan Inc. is confused and a
little bit annoyed. After all, Japanese companies have been some of the biggest
cheerleaders for Biden’s recent industrial policies, investing in green energy,
EVs, and pharmaceuticals—all sectors supported by the Inflation
Reduction Act and the CHIPS
Act.
Now, however, Japanese investors are feeling a little spooked. “At the
margin, it might discourage some investors from putting the next dollar into
the U.S.,” says
a cautious Matthew Goodman from the Council on Foreign Relations. The idea
that a single deal could unravel decades of investment enthusiasm is a bit
much, but then again, this is geopolitics we’re talking about—where logic often
takes a back seat to posturing and power plays.
However, it does appear that the Japanese firm is still trying to save the deal, with executives from the two companies meeting in the US.
The Bigger Picture
Of course, looming over all of this is the upcoming U.S.
presidential election. Trump, who is no fan of foreign takeovers unless he’s
orchestrating them, has already promised to roll back Biden’s projects like the
Inflation Reduction Act if he makes a comeback. Meanwhile, Japan is bracing
itself for a new prime minister, who may or may not be as keen to maintain the
sunny status quo with Washington.
Add to that the ever-present threat of a truculent China, and you have
a scenario ripe for geopolitical headaches. Yet, despite all the drama, the
U.S.-Japan alliance is unlikely to implode entirely. As Tobias Harris from
Japan Foresight points out, “Japan is willing to put up with a lot to maintain
the relationship.” So, we’re not exactly on the brink of a major fallout, but
the trust factor? Yeah, that just took a bit of a hit.
At the end of the day, this dying steel deal is a story of political
unpredictability. It’s a story of rare presidential meddling, labor union power
plays, and international hand-wringing. If there’s one thing to take away from
this saga, it’s that when it comes to U.S. politics and global business,
nothing is off the table—not even the president's intervention in a corporate
takeover.
Louis Parks has lived and worked in and around the Middle East for much of his professional career. He writes about the meeting of the tech and finance worlds.
Could Warren Buffett’s Treasury Hoard Signal Trouble Ahead?
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Don't miss out on our latest videos, interviews, and event coverage.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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