⚡️U.S. President Joe Biden has blocked a ~$15 billion deal for Japan’s Nippon Steel to buy the U.S.-based U.S. Steel. U.S. Steel themselves have said that if the deal falls through, they will likely have to close down steel mills. The Biden administration has cited national security concerns for the move, but the validity of those concerns remains to be seen, and it's highly unlikely that Japan, one of the United States’ closest Indo-Pacific allies, would champion a merger that would be detrimental to U.S. national security.