China Celebrates as Biden Casts Doubt on US Steel

Even though the Committee on Foreign Investment in the United States continues to review Nippon Steel’s $14.1 billion acquisition of U.S. Steel, President Joe Biden is reportedly planning to block the deal even if CFIUS approves it. Reading between the lines of state media, no one is happier than the Chinese Communist Party.

Earlier this month the South China Morning Post, which is owned by a Chinese tech company and known for “improving China’s image overseas and combating what it sees as anti-Chinese bias in the foreign media,” published an article about how politics around the deal have “cast doubt on its viability.”