Scott Bessent, President-elect Donald Trump’s choice for Treasury secretary, said Jan. 16 that the U.S. should institute a “very rigorous screening process” to ensure its outbound investment does not help China catch up to the U.S. in such key technology areas as artificial intelligence, computing chips, quantum computing and surveillance.
President Joe Biden’s decision to block the proposed acquisition of U.S. Steel by Japan-based Nippon Steel (see 2501030009) “creates troubling risks to the United States’ global economic standing that could only worsen in the years to come,” Sarah Bauerle Danzman, a resident senior fellow with the Atlantic Council, wrote in a blog post for the think tank last week.
Japan-based Nippon Steel Corp. and U.S. Steel Corp. asked a federal court Jan. 6 to set aside the Biden administration’s “illegal and improper” decision to block Nippon Steel’s acquisition of the American firm. Their lawsuit also urges the U.S. Court of Appeals for the District of Columbia Circuit to order the Committee on Foreign Investment in the U.S. to conduct a new review of the proposed $14.9 billion transaction.
Almost 10 months after announcing he would oppose the proposed acquisition of U.S. Steel Corp. by Japan-based Nippon Steel Corp. (see 2403140049), President Joe Biden issued a formal order Jan. 3 blocking the deal, saying he continues to believe the 124-year-old American steelmaker should remain in domestic hands. Nippon Steel criticized the decision and hinted it will challenge it in court.
The Committee on Foreign Investment in the U.S. has told U.S. Steel that it was unable to reach a consensus on the proposed acquisition of the American steelmaker by Japan’s Nippon Steel, prompting it to refer the matter to President Joe Biden to make a decision, U.S. Steel said in a statement late Dec. 23.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
Paul Rosen, who has served as the Treasury Department’s lead official for the Committee on Foreign Investment in the U.S. since being confirmed by the Senate in 2022 (see 2205250017), left the agency earlier this month, he announced on LinkedIn.
The U.S. and its allies should increase their scrutiny of China's foreign investment in commercial remote sensing firms to ensure the Chinese military does not benefit from such transactions, the congressionally mandated U.S.-China Economic and Security Review Commission said in a new report Dec. 16.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
A key portion of the conference hosted earlier this month by the Committee on Foreign Investment in the U.S. focused on the committee’s increasing scrutiny of fund structures and identifying the roles of limited partners in investment transactions, law firms said this month.