With U.S. Steel Decision, Biden Turned His Back on Opposing Monopolies

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With U.S. Steel Decision, Biden Turned His Back on Opposing Monopolies

//business-finance.news-articles.net/content/202 .. iden-turned-his-back-on-opposing-monopolies.html

Published in Business and Finance on Tuesday, January 7th 2025 at 12:41 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

As he signed a sweeping executive order in July 2021 intended to crack down on anticompetitive business practices, President Joe Biden declared that "capitalism without competition isn't capitalism, it's exploitation.

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The article discusses President Joe Biden's decision regarding the acquisition of U.S. Steel by Nippon Steel, a Japanese company, highlighting a perceived shift in his administration's stance on monopolies and economic nationalism. Despite Biden's previous campaign promises to protect American industries and oppose monopolistic practices, his administration has not intervened to block the deal, which has raised concerns among labor unions and some Democrats. Critics argue that this move contradicts Biden's earlier rhetoric against corporate consolidation and his commitment to revitalizing American manufacturing. The article suggests that this decision might be influenced by broader geopolitical strategies or economic considerations, potentially prioritizing international alliances over domestic economic policies. This has led to accusations of hypocrisy and has sparked a debate on the balance between economic nationalism and global economic integration.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/markets/with-u-s-steel-decision-biden-turned-his-back-on-opposing-monopolies/ar-AA1x7AMI ]