US blocks steel sales to Japan’s Nippon Steel over trade restrictions
President Joe Biden has banned steel sales to Japanese giant Nippon Steel.
Japan’s Foreign Minister Takeshi Iwaya hosted outgoing Secretary of State Antony Blinken in Tokyo for talks amid tensions over the decision to block the acquisition of U.S. Steel.
Iwaya called Biden’s move to block the $14.1 billion deal as “perplexing” and warned the U.S. of potential repercussions for bilateral trade.
Nippon Steel Corp. CEO Eiji Hashimoto also criticized Biden’s decision to block the acquisition, calling it “politically motivated.”
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