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US Foreign Investment Panel Deadlocked Over Nippon-U.S. Steel Deal

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The U.S. Treasury has informed Japan’s Nippon Steel that the Committee on Foreign Investment in the U.S. (CFIUS) has yet to reach a consensus regarding its proposed $14.9 billion acquisition of U.S. Steel, according to a report by the Financial Times on Sunday.

The Treasury, which leads the CFIUS review process, reportedly sent a letter to both companies on Saturday, indicating that the nine-member panel remains divided on how to address security concerns raised by the deal. The committee is approaching a Dec. 22 deadline to decide whether to approve, block, or extend the review timeline for the acquisition.

CFIUS, which assesses foreign investments for potential national security risks, has expressed reservations about the deal. In September, the panel warned both Nippon Steel and U.S. Steel that the acquisition posed risks to the U.S. steel supply chain, particularly in sectors critical to transportation, construction, and agriculture.

The proposed acquisition has faced significant political pushback. Both President Joe Biden and his successor, Donald Trump, have signaled their opposition to the deal, further complicating its prospects.

While neither U.S. Steel nor CFIUS has commented on the Financial Times report, Nippon Steel declined to provide a statement. The deal’s future remains uncertain, as the CFIUS panel weighs the implications for national security amid ongoing scrutiny of foreign investments in critical industries.

Harris Courts Union Workers in Key Swing States with Biden’s Support Amid U.S. Steel Controversy

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On Labor Day, Kamala Harris joined President Joe Biden at a rally in Pittsburgh, aiming to solidify support from union workers in critical battleground states like Pennsylvania and Michigan. The event marked the first joint appearance of Harris and Biden since she officially became the Democratic presidential nominee, underscoring the importance of courting working-class voters, a key demographic also being targeted by her opponent, Donald Trump.

Harris voiced concerns over the potential acquisition of U.S. Steel by Japan’s Nippon Steel, stressing the importance of keeping the historic American company under domestic ownership. “U.S. Steel should remain American-owned and American-operated,” she said, aligning her stance with Biden’s pro-union agenda, which has been central to his presidency.

The labor vote remains a pivotal focus for both the Harris and Trump campaigns as they vie for support in swing states like Pennsylvania, where unionized workers hold significant influence. Trump, who did not make any public appearances on Labor Day, has similarly opposed the U.S. Steel deal, framing it as a threat to American jobs and security. The Harris campaign, however, seized the opportunity to mock Trump for his absence, posting on X that he was likely “golfing.”

Despite a Reuters/Ipsos poll showing Harris leading Trump by a slim margin nationally, the race remains tight, with both candidates ramping up their outreach efforts. While Harris is leveraging her campaign to maintain the momentum from her nomination, Trump continues to attract blue-collar voters with his promises of economic nationalism and job protection.

The backdrop of the Gaza conflict, however, loomed over campaign activities. As Harris and Biden met with U.S. hostage negotiation teams in Washington, their administration faced criticism for its approach to the Gaza ceasefire negotiations. Pro-Palestinian activists, opposing U.S. support for Israel, staged large protests, raising the potential for more demonstrations along Harris’s campaign trail in the weeks ahead.

With both campaigns seeking to capture the labor vote while navigating the complexities of international conflicts, the election remains fraught with challenges that could sway voters in unexpected ways.