Business Rundown: Biden Blocks U.S. Steel Sale In Protectionist Move

The Fox News Rundown

FOX News Radio

Politics, Daily News, News

3.4 • 1.5K Ratings

🗓️ 3 January 2025

⏱️ 17 minutes

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Summary

After a year of Japan’s grand plan to enter our nation’s steel market by acquiring American company U.S. Steel, President Biden has made the decision to block the proposed $14 billion deal with Japanese company Nippon Steel, citing national security risks. Nippon representatives say they plan to challenge the decision, but with President-elect Trump already saying he would block the sale as well, they are unlikely to find friendlier negotiations come Inauguration Day. Co-anchor of The Big Money Show, Taylor Riggs, speaks with the host of Making Money on Fox Business, Charles Payne, about why blocking this sale helps protect Americans in the future, the challenges that face the city of New Orleans tourist economy, and he previews his TV town hall coming January 16th on Fox Business. Photo Credit: AP Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	This Sunday, old rivals go head to head as Liverpool take on Manchester United at Anfield.
0:07.4	Can you believe it?
0:09.2	And you can stream it live on Sky Sports, available with no contract on now.
0:14.9	Absolutely brilliant.
0:16.8	Stream Liverpool versus Manchester United, live this Sunday from 4.30 p.m. head to nowTV.com.
0:26.1	18 plus sky sports content streamed via internet.
0:28.7	Full turns apply.
0:30.1	I'm Taylor Riggs and this is the Fox Business Rundown.
0:45.3	Friday, January 3rd, 2025. After a year of Japan's grand planned to our nation's steel market by acquiring American company U.S. Steel, President Biden has made the decision
0:51.4	to block the multi-billion dollar deal.
0:54.8	You need the control.
0:56.0	I think the lesson, one of the biggest lessons we learned from the COVID period,
1:01.0	was there's certain things that we probably should control.
1:03.2	Is it nuts to create so many amazing things in this country and then outsource the production
1:08.8	of them?
1:09.7	On Friday, President Biden blocked the proposed $14 billion sale that would see the U.S. Steel Company
1:15.6	acquired by Japan's powerhouse steelmaker, Nippon Steel, citing national security risks as the motivating factor.
1:23.6	This protectionist move has been met with mostly support in the United States, with unions praising
1:29.8	the decision that they believe will protect their jobs. Nippon Steel representatives has said
1:35.6	they plan to challenge the decision, even offering to invest billions more in the company
1:41.5	and give the federal government oversight into the company's operations.
1:47.0	President-elect Trump had already said that he would plan to block the sale if he were to win,
	...

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