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.

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. In making its nearly $15 billion bid for the storied Pittsburgh-based steelmaker,

President Biden announced Friday he would block the sale of U.S. Steel to Japanese-owned Nippon Steel following a yearlong review of the potential acquisition. “We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,