16 January 2025

Beggars as choosers

By blocking Nippon Steel’s $14.9 billion purchase of US Steel, the Biden Administration has turned international economic policy inside out. On this point, the incoming Trump Administration is in rare agreement. Like many conflict-prone moves in recent years, this action has been justified on the basis of alleged national security concerns. Yet in the end, it is nothing more than a blatant political move at odds with the core economic and financial needs of the United States.