Biden blocked US Steel’s takeover of Japan’s Nippon Steel, citing national security.

President Joe Biden officially blocked the seizure on Friday. US Steel by Japan’s Nippon Steel, fulfilling its promise to keep a more than a century-old industrial name home-owned.

Biden said the proposed $14.9 billion acquisition by Nippon would place one of America’s largest steel producers under foreign control, threatening the nation’s vital supply chains.

“Today’s action reflects my unwavering commitment to use all the authority available to me as President to defend America’s national security, including ensuring that American companies continue to play a central role in these areas.” which are critical to our national security.” Biden said in a statement.

U.S. Steel stocks fell about 8 percent in premarket trading Friday after the president’s announcement.

Biden’s decision to torpedo the deal marks a bipartisan swing toward protectionism in the U.S., as Democrats and Republicans alike seek to maintain domestic control over key industries as geopolitical tensions rise around the world. has been

President-elect Donald Trump also opposed the deal.

The White House’s move to block the sale shows that even staunch allies like Japan are not immune to the protectionist tide. Tokyo is at the heart of Washington’s efforts to contain China’s ambitions in the Indo-Pacific region.

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