By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead.

President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.

US President Joe Biden's blocking of Nippon Steel's proposed acquisition of US Steel is likely to be challenged in court, and has prompted concerns about future capital flow into the United States and the unfair treatment of Washington's allies, according to analysts.