"National Security Risk": Biden to Block Nippon's Takeover of US Steel | Vantage with Palki Sharma

our next story is also from the US President Joe Biden is reportedly set to make a power move he's going to wade into a political controversy and try to make a play for votes the controversy involves two steel companies America's us steel and Japan's nepon steel us steel is an institution it was America's first billion dollar company it once dominated the American steel industry but in recent years it lost its Edge falling down the global in order so last year us steel started looking for a buyer and settled on Japan's nipon steel but this started a political Firestorm it was seen as America capitulating handing over a prized asset to the Japanese the ground reality did not matter it became a matter of Pride so Joe Biden is now planning to block the deal apparently citing National Security risks here's our report I believe in American steel companies American owned and operated Steel company upon taking office I will invoke the defense production act wherever it's necessary to Quick very quickly ramp up capacity of essential products and I will stop Japan from buying United States Steel us steel is an historic American company and it is vital for our nation to maintain strong American steel companies and I couldn't agree more with President Biden us steel should remain American owned and American [Applause] operated there's finally something All American politicians seem to agree on that us steel cannot be sold not even to staunch allies like the Japanese Japan's nipon steel is inches away from completing the Takeover it had announced its plans to buy us Steel last December it overcame a number of regulatory hurdles but it hasn't managed to clear the biggest hurdle American politics ever since nipon Steel Set its sights on us steel it has been facing pushback from Joe Biden and the Democrats under him the US justice department opened an antitrust investigation into the merger even though the company itself had no problem with the Takeover us Steel shareholders overwhelmingly wanted to go ahead with the deal they believed that the Takeover could breathe new life into the company open the gates to Investments at its existing plants and Revitalize the grand old Behemoth but despite this you have the politicians getting in the way because it's not about business anymore no politician wants to be seen as giving away an American Legacy not even to the Japanese who are quite annoyed with all the interference but the US is an essential Ally so they're keeping their mouths shut and waiting to see how it unfolds but they may be in for some disappointment because Biden looks set to go for the kill switch he may declare the Takeover a national security risk but the real risk is not security it's political because you see the workers at us steel are unionized they're part of the United Steel Workers Union which claims to be almost almost 800,000 strong a lot of union members will be voting in November are you ready to El KL Harris our next president United States us steel is based in the state of Pennsylvania which is a crucial swing state so angering these union members is not an option both the Democrats and the Republicans are vying for their vote which is why you saw Trump and Biden and Harris All agreeing on the same thing they all believe that stopping the nipon steel us steel merger will get them votes and it actually might but this reeks of hypocrisy this is supposed to be America land of the free or rather the free market so how is it okay for politicians to undermine a company shareholders whatever happened to the great capitalist dream where only Market forces dictated which companies lived or died it's a classic case of American double standards American am governments of all Hughes will berate the world criticize any interventionism or so-called unfair Market practices but when it's the Oval Office on the line suddenly government overreach isn't a problem free market forces be [Applause] [Music] damned across continents one powerful news source bringing you diverse perspectives on the issues that [Applause] matter we go beyond the boundaries to give you that little extra about every sporting [Music] moment so thank you for making first post 5 million strong you're counting on your your support and you can trust us to bring you the news unfiltered and un [Music] banished climate change is on our doorstep it's time for a revolution to take Route and it starts with 1.4 billion Indians it starts with one tree one tree for Humanity one tree for Mother Earth one tree for a future project one tree a news 18 Network [Music] initiative on this of today the T20 World Cup bang move across to the West new hello I'm Al coming to you from B South Africa today we have a start with an report on India nuclear for the first time since India off became a nulear hello and welcome to First P America I'm Eric ham coming to you live from the nation's capital of Washington [Music] DC e