Biden to block Japanese merger of US Steel

PITTSBURGH: President Joe Biden promised cheering unionised steelworkers on Wednesday that his administration would block the acquisition of US Steel by a Japanese company and he called for a tripling of tariffs on Chinese steel, seeking to use trade policy to win over working-class votes in Pennsylvania, an election-year battleground.

Biden said during a visit to the headquarters of the United Steelworkers union that US Steel “has been an iconic American company for more than a century and it should remain totally American.”

“American-owned, American operated by American union steelworkers — the best in the world — and that’s going to happen I promise you,” the Democratic president said.

His administration is reviewing the proposed acquisition by Japan’s Nippon Steel. Biden said last month he would oppose the deal, saying it was “vital for it to remain an American steel company that is domestically owned and operated.”

But in front of a pro-union audience, he went far further. “The backbone of America has a steel spine,” Biden said.

In another move that his administration argues can protect domestic steelworkers, Biden is pushing for the higher tariffs on Chinese steel and aluminum, aiming to insulate American producers from a flood of cheap imports.

Micron to get $6.1 bn in chip grants

The Biden administration has reached an agreement to provide $6.1 billion in government support for Micron Technology to produce advanced memory computer chips in New York and Idaho.

Senate Majority Leader Chuck Schumer, D-N.Y., courted Micron to build a set of four chip factories in Syracuse and noted that the announcement was a sign to voters about how Democrats were reviving the manufacturing sector.