The Japanese company Nippon Steel has made a $14.1 billion takeover bid for the American company U.S. Steel. That deal is now under review by the Biden administration, which finds itself under pressure to block the takeover out of national security concerns but also on broader economic grounds—at the potential expense of its own economic principles.
Adam Tooze is a columnist at Foreign Policy and a history professor and the director of the European Institute at Columbia University. He is the author of Chartbook, a newsletter on economics, geopolitics, and history. Twitter: @adam_tooze
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