{"id":2339915,"date":"2024-09-11T18:18:01","date_gmt":"2024-09-11T22:18:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/business-leaders-worry-lawmakers-weighing-in-on-nippon-steel-deal-tarnish-position-washington-examiner\/"},"modified":"2024-09-11T18:21:27","modified_gmt":"2024-09-11T22:21:27","slug":"business-leaders-worry-lawmakers-weighing-in-on-nippon-steel-deal-tarnish-position-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/business-leaders-worry-lawmakers-weighing-in-on-nippon-steel-deal-tarnish-position-washington-examiner\/","title":{"rendered":"Business leaders worry lawmakers weighing in on Nippon Steel deal tarnish position &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbusiness-leaders-worry-lawmakers-weighing-in-on-nippon-steel-deal-tarnish-position-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2339915&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Business leaders are expressing concern about lawmakers&#8217; potential political influence on\u2063 the evaluation of Nippon Steel&#8217;s proposed\u200b acquisition of U.S.\u200d Steel. They have\u200b reached\u2064 out to \u2062Treasury Secretary Janet Yellen, urging \u2064her not to\u200c let political factors interfere with her assessment, given \u200bher role as chairwoman of the Committee on Foreign \u2062Investment in the\u200b United States (CFIUS). Prominent political \u2062figures from both \u200bparties, including Donald Trump, Joe Biden, \u200dand Kamala Harris, have\u200c criticized the deal, and the White \u200bHouse \u2063has\u2063 indicated it may block \u2064it. Various <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/citing-china-threat-business-groups-experts-push-biden-administration-for-digital-policy\/\" title=\"Citing China Threat, Business Groups, Experts Push Biden Administration for Digital Policy\">business groups<\/a>, such as the \u200bU.S. Chamber of Commerce and the\u2063 Global \u200dBusiness\u200c Alliance, have warned that \u2063such <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/liberal-justice-breyer-to-bash-court-packing-in-upcoming-book\/\" title=\"Liberal Justice Breyer To Bash Court-Packing In Upcoming Book\">political intervention<\/a>\u200b could \u200ddeter\u200c future foreign investments, which \u2063currently exceed $5\u2064 trillion in the\u2062 U.S. economy.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Business leaders worry lawmakers weighing in on Nippon Steel deal tarnish position<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1657302\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Multiple business group<span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">s have called on<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/treasury-department\/\" target=\"_blank\" rel=\"noopener\"> Treasury<\/a>&nbsp;Secretary&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/janet-yellen\/\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a><\/span>&nbsp;not to let politics influence her evaluation of Japanese-owned Nippon Steel&rsquo;s acquisition of U.S. Steel.<\/p>\n<div class=\"article-paywall\">\n<p>As the chairwoman of the Committee on Foreign Investment in the United States, Yellen will determine whether the deal poses a risk to the country&rsquo;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-got-it-newsmax-reporter-emerald-robinson-national-security-source-confirms-a-piece-of-hardware-has-been-secured-in-germany\/\" title=\"We Got It! - Newsmax Reporter Emerald Robinson: National Security Source Confirms &quot;A Piece of Hardware Has Been Secured&quot; in Germany\">national security<\/a>.&nbsp;<\/p>\n<p>Politicians from both <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/canadian-parliament-votes-unanimously-to-recognize-chinas-genocide\/\" title=\"Canadian Parliament Votes Unanimously To Recognize China\u2019s Genocide\">major political parties<\/a>, such as former President Donald Trump, President Joe Biden, and Vice President Kamala Harris, denounced the deal. The White House signaled a week ago that it would likely stop the deal from going through.<\/p>\n<p>Business groups, including the<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/chamber-of-commerce\/\" target=\"_blank\" rel=\"noopener\" title> U.S. Chamber of Commerce<\/a>, the Foreign Trade Council<span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">, and the Global Business Alliance<\/span>, expressed in a letter to Yellen that blocking the deal at the behest of politicians could negatively affect future investments in the U.S.<\/p>\n<p>Over $5 trillion is invested in the U.S. economy from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/130-countries-throw-support-behind-biden-global-minimum-tax-plan\/\" title=\"130 countries throw support behind Biden global minimum tax plan\">foreign headquartered companies<\/a>.&nbsp;<\/p>\n<p>&ldquo;We fear that the CFIUS process is being used to further political agendas that are outside the committee&rsquo;s purview and putting the U.S. economy and workers at risk. Indeed, America&rsquo;s investment climate will be severely tarnished if such political interference prevails,&rdquo; the groups <a href=\"https:\/\/globalbusiness.org\/wp-content\/uploads\/2024\/09\/Treasury-Steel-Letter-2024.09.10.pdf\" target=\"_blank\" rel=\"noopener\" title>wrote<\/a>.<\/p>\n<p>Nippon Steel was set to purchase U.S. Steel for $15 billion, but according to U.S. Steel CEO David Burritt, if the deal falls through, the company will be forced to close up mills or move its headquarters outside of Pennsylvania.&nbsp;<\/p>\n<p>&ldquo;CFIUS should never become a tool for political posturing and should not morph into industrial policy masquerading as national security,&rdquo; the business groups said in their letter.<\/p>\n<p><a href=\"http:\/\/washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title><strong><\/strong><\/a><\/p>\n<p>CFIUS sent letters to the two companies claiming the deal would pose security risks and flood the U.S. market with cheap steel from China.<\/p>\n<p>In response, the companies sent a 100-page letter stating that the deal would actually strengthen U.S. steel output.<\/p>\n<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1657302\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1657302\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business leaders are concerned that political interference in the Nippon Steel deal could harm their standing. Various business organizations have urged Treasury Secretary Janet Yellen to keep politics out of her assessment of the Japanese-owned Nippon Steel&#8217;s purchase of U.S. Steel. As chair of the Committee on Foreign Investment in the United States (CFIUS), Yellen is responsible for deciding if the acquisition threatens national security. Politicians from both major parties, including former President Donald Trump, President Joe Biden, and Vice President Kamala Harris, have criticized the deal, and recent signals from the White House suggest it may block it. Business groups like the U.S. Chamber of Commerce and others warned Yellen in a letter that allowing political motivations to influence her decision could deter future foreign investments in America, which currently sees over $5 trillion invested by foreign companies. They expressed concern that using CFIUS for political purposes jeopardizes both the economy and American workers: &#8220;America\u2019s investment climate will be severely tarnished if such political interference prevails,&#8221; they stated. Nippon Steel plans to acquire U.S. Steel for $15 billion; however, CEO David Burritt indicated that failure to complete this deal might force them to shut down mills or relocate their headquarters outside Pennsylvania. The business groups emphasized that CFIUS should not be used as a platform for political maneuvering or disguised industrial policy under national security pretenses. In response to concerns raised by CFIUS about potential security risks and an influx of cheap steel from China due to this deal, both companies submitted a detailed 100-page letter arguing that it would actually enhance U.S. steel production capacity<\/p>\n","protected":false},"author":2542,"featured_media":2339916,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/janetyellen2024.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[4284,5191,40074],"class_list":["post-2339915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-business","tag-leadership","tag-nippon-steel"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/janetyellen2024.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2339915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2339915"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2339915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2339916"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2339915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2339915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2339915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}