Japanese lawmaker says US Steel deal would help counter China dominance
- US President Joe Biden and Donald Trump have come out against Nippon Steel merger
- Former economy minister Akira Amari says the Japanese government will stay mum on the plan
Nippon Steel Corp’s acquisition of United States Steel Corp would strengthen economic security ties between the US and Japan and help counter China’s dominance in steelmaking, according to a senior Japanese ruling party lawmaker.
The US$14.1 billion deal would clearly be a win-win for both companies and both economies, said Akira Amari, a former economics minister known for his industrial policy expertise. He was speaking two weeks after US President Joe Biden came out against the merger.
“This deal would be a symbol of Japan-US cooperation as allies because we would be able to confront China’s rising technological capability,” Amari said in an interview in Tokyo on Friday. “This would be better for our economic security.”
Nippon Steel has vowed to press ahead with plans for the acquisition, even as it gets caught in the political crossfire of the US presidential election.
The problem complicates the run-up to a planned April 10 summit between Biden and Prime Minister Fumio Kishida in Washington meant to demonstrate the strength of the alliance.
