X - Larry Summers Backs Nippon's Acquisition Of US Steel Corp Amid Team Biden's Opposition: 'Protectionist Pandering With No Genuine National Security Rationale' | Benzinga
Former Treasury Secretary Larry Summers has defended the proposed takeover of United States Steel Corp. (NYSE:X) by Japan’s Nippon Steel Corp. (OTCPK: NISTF) despite the Biden administration’s national security apprehensions.
What Happened: As reported by Bloomberg, Summers dismissed any “remotely plausible national-security rationale” for questioning the Nippon-US Steel deal, emphasizing Japan’s status as a “staunch ally.”
The $14.1 billion agreement is currently under review by US officials, a process that may extend into 2025. The Biden administration’s top economic adviser, Lael Brainard, argued in December that such transactions should be scrutinized for national security and supply chain resilience.
Summers, a Harvard University professor, warned against “protectionist pandering to traditional industries — with no genuine national security rationale.” He also highlighted the deal’s benefits, including the creation of the world’s second-largest steelmaker.
"This is a ...