Biden prepares to block sale of US Steel to Japan's Nippon Steel | Morning in America

THAT'S GENERATION NEW GENERATION. ABSOLUTELY. NEXT. THANKS SO MUCH. >> US STEEL SHARES TAKING A TUMBLE ON WEDNESDAY ON THE HEELS OF A REPORT THAT THE BIDEN ADMINISTRATION. >> IT'S EXPECTED TO BLOCK ITS SALE TO A JAPANESE BUYER STOCKS DROPPING BY MORE THAN 17% OVER THE NEWS. THE WHITE HOUSE IS READY TO STOP JAPAN'S NIPPON STEEL FROM TAKING OVER THE U.S. FROM DONALD TRUMP AND KAMALA HARRIS, HAVE BOTH COME OUT AGAINST THIS DEAL. HERE TO SHARE HIS INSIGHTS. WE HAVE DENNIS KNEALE THIS MORNING. MEDIA STRATEGIST AND FORMER MANAGING EDITOR OF FORBES AND HOST OF THE PODCAST. WHAT'S BUGGING ME. GOOD MORNING TO DENNIS. THANK YOU SO MUCH FOR YOUR TIME THIS MORNING. >> GOOD MORNING TO YOU AND WELCOME BACK. I UNDERSTAND YOU'RE COMING YEAR. WE'RE BACK IN YEAH. GREAT. IT FEELS GOOD. I'M SHAKING THE DUST OFF THIS SO APPRECIATE YOUR TIME AND BEING WITH ME THIS MORNING. LET'S TALK ABOUT THE IMPACTS THIS COULD HAVE SPECIFICALLY IN PENNSYLVANIA, RIGHT WHERE US STEEL HEADQUARTERS ARE. WHY DO YOU THINK THE BIDEN ADMINISTRATION IS TAKING ACTION NOW IN A SWING STATE YEAH. WHAT A NICE SOFTBALL SET UP THAT YOU GUYS WROTE, RIGHT. BECAUSE THE REASON BIDEN IS TAKING ACTION NOW. >> IT'S BECAUSE HARRIS WILL LOSE THE ELECTION IF THEY LOSE PENNSYLVANIA, THE UNION FOR THE STEEL WORKERS HAS COME OUT AGAINST THIS DEAL. THEY WANT ANOTHER BITTER SMALLER US COMPANY DO THAT. AND WHAT THERE'S MANY THINGS TROUBLING ABOUT THIS. FIRST OF ALL, THIS IS NOT CHINA. OUR BIGGEST ENEMY IN THE WORLD REALLY TRYING TO BUY US STEEL THIS IS JAPAN. OUR ALLY OF WHAT, 50, 60, 70 YEARS OR MORE AND WE'RE GOING TO STOP IT. A SECOND REASON WORRY ABOUT IT IS. US FEELS ONLY THE NUMBER OF 3RD MAKER IN AMERICA AND THE COMPANY WAS GOING WITH WHAT IT FELT WAS THE BEST CHOICE AND NOW BIDEN HAS LET IT BE KNOWN FOR MONTHS THAT HE OPPOSES THIS DEAL. RIGHT. BECAUSE THE UNITED STEELWORKERS OPPOSES THIS DEAL. BUT YOU KNOW WHAT? THE U.S. MILITARY AND ALL OF ITS ORDERS OF STEEL AMOUNT TO ONLY 3% OF NATIONWIDE PRODUCTION OF STEEL. WHY ARE THEY BLOCKING THIS? THEY'RE DOING IT FOR POLITICS NOW FOR TRUMP. I THINK HE'S LEFT IT ON POLITICS BECAUSE DOESN'T HAVE A LOT OF HOPE OF WINNING THE UNION VOTE. I DON'T THINK OVER THERE AND THE STEEL COUNTRY. I THINK TRUMP OPPOSES IT BECAUSE HE JUST GREW UP IN AN ERA WHERE THE IDEA OF FOREIGN OWNERSHIP OF THIS MAJOR ENGINE OF AMERICAN MANUFACTURING WOULD BE ANATHEMA AND TERRIBLE. SOMETIMES, YOU KNOW, A GUY LIKE THIS IS LET YOUR COMPANY GET BIGGER AND STRONGER AND SURVIVED AND THIS COMPANY'S MANAGEMENT. THE EXPERTS HAVE SAID THAT'S WHAT THEY WANT TO DO NOW. PRESIDENT I WAS JUST GOING TO SAY, I MEAN, BOTH OF THESE CANDIDATES, RIGHT. I MEAN. >> VICE PRESIDENT KAMALA HARRIS AND TRUMP SAY AN AMERICAN STEEL COMPANY SHOULD REMAIN AMERICAN OWNED AND OPERATED WITH LEADERS ON BOTH SIDES OF THE AISLE AGAINST THE DEAL. WHAT ARE THE CHANCES THIS THING EVEN GOES THROUGH. >> I THINK THE CHANCES ARE REALLY GOOD, FRANKLY, BECAUSE THERE'S THIS THING CALLED THE LAW THAT YOU HAVE TO FOLLOW AND THE LAW WILL SAY THAT, HEY, THIS IS NOT JUST A DOMESTIC STEEL MARKET AND YOU WANT TO LOOK AT CONCENTRATION THERE. THIS IS A GLOBAL MARKET AND EVERY PLAYER HAS TO COMPETE AGAINST PLAYERS AND OTHER COUNTRIES. AND SO YOU LOOK AT IT ON THAT SCALE. THIS IS AN ADMINISTRATION HAS LOST ALMOST EVERY MAJOR CASE THAT THEY HAVE OPPOSED AND THE FEDERAL TRADE COMMISSION OR LINA KHAN KEEPS GETTING THROWN OUT OF COURT FOR THEIR ARGUMENT. AND I BELIEVE THAT THIS DEAL WILL BE APPROVED. IT IS NOT ANTICOMPETITIVE. THIS DEAL MAKES US FEEL MORE COMPETITIVE UNFORTUNATE THAT POLITICS LEAD TO BY LAW. THE GOT THE PRESIDENT CAN TAKE A STANCE UNTIL GETS RECOMMENDATION FROM COMMITTEE CALLED CPS. WELL, SIPPY US FINALLY IS MAKING THE RECOMMENDATION G THEY WORK FOR THE PRESIDENT TO WHAT DO YOU THINK THEY'RE GOING AND KNOWING WHEN YOU HAVE TO, YOU KNOW, BUILD THEN WE SAW A LOT OF THOSE US STEEL WORKERS MARCHING OUTSIDE THE FACTORY. RIGHT ASKING FOR THIS MERGER TO GO THROUGH. SO WE'LL WE'LL WAIT TO SEE WHAT HAPPENS THERE. LASTLY, I WANT TO TURN TO SOME OF THE ECONOMIC PLANS OF DONALD TRUMP AND KAMALA HARRIS. >> THE 45TH PRESIDENT PROMISING TO CUT TAXES TAXES ON TIPS AS WELL AS PLEDGING NOT TO MAKE CUTS TO SOCIAL SECURITY AND MEDICARE. ALL WHILE MAKING IVF TREATMENTS FREE LAUNCHING A NEW MASS DEPORTATION PROGRAM. CAN THE COUNTRY AFFORD TO PAY FOR ALL OF THESE CAMPAIGN PROMISES. DENNIS. >> WELL, IT'S INTERESTING THAT YOU ZOOM UP ON TRUMP IN THOSE PROMISES WENT THE BIDEN ADMINISTRATION HAS BEEN CONTINUING SPENDING AT 7 TRILLION DOLLARS A YEAR. WE WERE AT 4 TRILLION BEFORE COVID AND THEN THE GOVERNMENT WENT UP TO 7 TRILLION AND THEY'VE STAYED THERE AND THE TORPEDOES WHO CARES THE CONSEQUENCES. I MEAN, BOTH PARTIES SPEND WAY TOO MUCH WASHINGTON. THIS WILL IDEA WE NEED TO RAISE TAXES ON THE RICH. I MEAN, KNOW, WE NEED TO SPEND LESS MONEY. BUT INSTEAD WERE SPENT CRISIS LEVELS. IT'S CRAZINESS. AND NOW THEY REALLY CAN'T AFFORD A LOT OF THIS, ALTHOUGH A LOT OF THESE THINGS UNDERSTAND WHEN TRUMP CUT TAXES AND THE DEMOCRATS. YOU DESCRIBE THAT AS A TERRIBLE THING WHEN YOU TALK CUT TAXES,