We use cookies on this website. By continuing to use this site without changing your cookie settings, you agree that you are happy to accept our privacy policy and for us to access our cookies on your device.
Transcript/Script((PLAYBOOK SLUG: BIDEN – JAPAN – US STEEL (TV)
HEADLINE: Biden blocks Japan’s Nippon Steel from buying US Steel
TEASER: Analysts warn rejection of the deal could damage relations with Japan, a key U.S. ally and trade partner
PUBLISHED: 1/3/2025, 3:45 pm
BYLINE: Patsy Widakuswara
CONTRIBUTOR:
WRITER:
ASSIGNING EDITOR: AP
DATELINE: Washington
VIDEOGRAPHER:
VIDEO EDITOR:
ASSIGNING EDITOR:
SCRIPT EDITORS: DLJ, Page
VIDEO SOURCE (S):
PLATFORMS (mark with X): WEB __ TV __ RADIO __
TRT: 1:54
VID APPROVED BY: Baragona
TYPE:
EDITOR NOTES: There is a web))
((INTRO)) [President Joe Biden announced Friday that he is blocking the proposed $14.9 billion acquisition of American company U.S. Steel by Japan’s Nippon Steel. Analysts warn rejection of the deal could damage relations with Japan, a key U.S. ally and trade partner. White House Bureau Chief Patsy Widakuswara has this story.]]
((NARRATOR))
((US Steel VOA footage, https://app.frame.io/player/001d5147-ec43-4a8e-9826-8d25abf586d2 ))
The nearly 15-billion-dollar acquisition of U.S. Steel by Japan’s Nippon Steel would place one of America’s largest steel producers under foreign control and create a risk for U.S. national security and critical supply chains, said President Joe Biden in a statement.
((Biden file, AP 4544247))
((NARRATOR))
After publicly opposing it for months, Biden announced Friday he was blocking the
deal.
((Radio: White House Press Secretary, Karine Jean-Pierre))
((Karine Jean-Pierre, White House Press Secretary))
“The President took action to block the deal so U.S. Steel remains a proud American company, American owned, American operated by American union steel workers, and the best in the world.”
((SOT can be replaced if Biden speaks later today))
((US Steel VOA footage, https://app.frame.io/player/001d5147-ec43-4a8e-9826-8d25abf586d2 ))
((NARRATOR))
The White House did not explain how U.S. Steel’s acquisition would jeopardize national security.
((US Steel workers, AFP V000_34Y74WL TC 4:17))
((NARRATOR))
However, the opposition to the deal by the United Steelworkers union, based in Pennsylvania, a crucial swing state in presidential elections, may have played a role in Biden’s decision.
((Radio: Matthew Goodman, director of the RealEcon Initiative at the Council on Foreign Relations, via Skype.))
((https://app.frame.io/player/3af205a1-a1c2-4436-93ce-59d8afa27d7c TC 0:12))
((Matthew Goodman, Council on Foreign Relations))
“This was clearly a political decision that President Biden had been chewing over for a
long time. He is determined to demonstrate that he's going to protect American workers, and particularly in the steel sector.”
((Trump file, AP 4543447))
((NARRATOR))
President-elect Donald Trump, who is set to come to power on January 20, also opposes the acquisition.
((Nippon Steel stockshots, AFP V000_34JK97M))
((NARRATOR))
Both Nippon Steel and U.S. Steel have vowed to pursue legal action, citing that the U.S. government violated procedures in considering the acquisition.
((Biden and Kishida, AFP V000_34P34ZV))
((NARRATOR))
Analysts warn it could damage relations with Japan, a key U.S. ally and trade partner.
((Radio: John Ferrari, nonresident senior fellow at the American Enterprise Institute, via Skype.))
((https://app.frame.io/player/7870dc7c-0575-47ae-8f5c-824b30808784 TC 1:15))
((John Ferrari, American Enterprise Institute)) ((Skype))
“Japan is a staunch ally in the Pacific. They have prowess in ship building and in manufacturing, and so we need them, and so allowing them to invest in the United States would make us stronger.”
((Biden file, AP 4544247))
((NARRATOR))
The announcement followed other protectionist moves by the Biden administration.
((Chinese steel factory, AFP V000_VID880834_EN))
((NARRATOR))
Last year, Biden tripled tariffs on steel imports from China.
((Patsy Widakuswara, VOA News, Washington.))
NewsML Media TopicsArts, Culture, Entertainment and Media
Subtitles / Dubbing AvailableNo
NetworkVOA
Embargo DateJanuary 3, 2025 17:57 EST
BylinePatsy Widakuswara
Brand / Language ServiceVoice of America - English
