You may have heard that as one of his last acts as president, Joe Biden blocked Nippon Steel’s nearly $20 billion investment in U.S. domestic steel production.

Why? According to the White House, “credible evidence” exists that a Japanese-headquartered, investor-owned company acquiring US Steel “might take action that threatens to impair the national security of the United States.”

Really? Someone please remind Joe this is 2025, not 1941. The Wall Street Journal is reporting this morning that the Biden folks KNEW the security argument was bogus, but wanted to throw a bone to the steel union bosses.

Japan is today one of our closest allies and a partner in challenging the real national security threat: China. Japan is allowed to purchase some of America’s most sensitive military hardware. In fact, Biden approved a $3.6 billion sale of air-to-air missiles to Japan the very same day as the Nippon veto.

We covered the merits of the deal in a paper last year, which were compelling enough to win the overwhelming approval of shareholders and most union workers.

We still think Trump, who has so far opposed the deal, can fulfill his role as master negotiator and save it.  Most of his inside and outside economic advisers – which unanimously includes us – see the economic benefits to American steel workers and to shareholders.

Mr. President, China is trying to corner the world steel market, and this deal would push back against their ambitions.