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President Joe Biden has blocked Japan’s Nippon Steel from acquiring US Steel in a $15 billion deal, citing national security concerns. The decision has sparked backlash from both companies and raised questions about the future of US-Japan economic relations.

In a statement on Friday, Biden emphasized the importance of maintaining US control over key industries. “We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” he said.

The move aligns with a campaign promise Biden made to prioritize domestic industry, but it has drawn criticism from Japan. A Japanese government source told Euronews that Nippon Steel’s acquisition aimed to combine advanced technologies from both countries, bolstering competitiveness while preserving US steel production capacity and jobs.

The source added that the decision could undermine the growing trend of Japanese investment in the United States and expressed “strong concerns” about its impact on economic ties. “It is regrettable that this decision was made due to national security concerns,” the source said, urging the US to work with its partners to address such issues.

Corporate and Political Backlash

Nippon Steel and US Steel condemned the decision in a joint statement, accusing Biden of manipulating the process to serve political ends. “This represents a clear violation of due process and the law,” the companies said, adding that they are exploring legal action to protect their interests.

The statement dismissed Biden’s justification, claiming there was no credible evidence of national security risks. The companies warned that the decision “sends a chilling message” to allied nations considering significant investments in the US.

The controversy follows the Committee on Foreign Investment in the United States (CFIUS) failing to reach consensus on the deal last month. CFIUS submitted its report to Biden, who had 15 days to decide.

Impact on US-Japan Relations

The decision comes just weeks before Biden leaves office and may strain ties with Japan, a key US ally in Asia and its largest foreign holder of US debt. Critics argue that the move undermines trust in economic collaboration between the two nations.

The rejection has also drawn criticism from conservative lawmakers and business groups like the US Chamber of Commerce, which had supported the deal. Nippon Steel had garnered support from some Steelworkers union members and local leaders near its US operations.

Nippon Steel, the world’s fourth-largest steelmaker, sought the acquisition to enhance its global standing. US Steel, ranked 24th in 2023 by the World Steel Association, would have benefited from the partnership’s technological and operational synergies.

The fallout from Biden’s decision could have lasting implications for foreign investment and US industrial policy.

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Rescue Efforts Underway After Deadly Earthquake Hits Tibet

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A powerful earthquake struck Tibet on Tuesday, killing at least 126 people and injuring 188 others, as rescue workers continue to search for survivors in the affected areas. The 7.1 magnitude quake, which hit the northern foothills of the Himalayas at around 09:00 local time, caused extensive damage, with more than 1,000 buildings reported as destroyed.

The earthquake, centered in Tingri county, near Mount Everest, was felt in neighboring Nepal and parts of India. Chinese state media reported that the earthquake’s impact was devastating, with significant destruction seen in Shigatse, Tibet’s second-largest city. Videos aired by China’s state broadcaster CCTV showed collapsed buildings, rubble-filled streets, and rescue teams distributing blankets to those displaced by the tremors.

Temperatures in the region were already plummeting, with forecasts predicting lows of -16°C (3.2°F) overnight, adding to the challenges faced by both survivors and rescuers. “Here the houses are made from dirt, so when the earthquake came, many houses collapsed,” said Sangji Dangzhi, a local supermarket owner whose home was damaged. He described ambulances rushing the injured to nearby hospitals throughout the day.

As the search for survivors continues, authorities are contending with disrupted power and water supplies, and aftershocks continue to shake the region. More than 40 aftershocks were recorded in the first hours following the initial earthquake, adding to the instability. Though there is a risk of another quake, Chinese officials have stated that the likelihood of a larger earthquake is low.

The epicenter of the quake lies in Tingri county, a popular base for climbers preparing to ascend Mount Everest. Scheduled sightseeing tours were cancelled, and tourists were evacuated to safety as a precaution.

The quake’s impact has been felt beyond Tibet, with neighboring Nepal experiencing strong tremors, although no major casualties or damage were reported. In the aftermath, many residents in Kathmandu, Nepal’s capital, recalled the deadly 2015 earthquake, which claimed nearly 9,000 lives.

In Tibet, the Shigatse region, which is home to 800,000 people, has been the focal point of recovery efforts. The region is also the spiritual seat of the Panchen Lama, one of Tibetan Buddhism’s most important figures. The exiled Dalai Lama offered his condolences, expressing his deep sorrow for the victims and wishing for the swift recovery of the injured.

Chinese President Xi Jinping has called for all-out search and rescue operations, and the Chinese air force has deployed drones to assist in the relief efforts. Meanwhile, rescue teams continue to work under extreme conditions, racing against the clock to locate survivors before the freezing temperatures set in.

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Nvidia CEO Unveils Next-Gen Gaming Chips and AI Innovations at CES 2025

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Nvidia CEO Jensen Huang revealed the company’s next-generation gaming chips and introduced groundbreaking AI models during his keynote at CES 2025 in Las Vegas. His address captivated a packed arena and set the stage for significant advancements in gaming and robotics.

The new family of gaming chips, which incorporates Nvidia’s Blackwell artificial intelligence (AI) technology, promises to deliver movie-quality graphics at unprecedented speeds. Huang announced that the chips, which will be priced between $549 (£438) and $1,999, are twice as fast as their predecessors. This performance boost is expected to revolutionize the gaming experience, offering stunning visuals and lifelike details in real time.

A major highlight of Huang’s presentation was the unveiling of Cosmos, an AI model designed to generate video for training robots and self-driving cars. Unlike current methods, Cosmos can produce synthetic training data at a fraction of the cost, enabling machines to better understand and interact with the physical world.

Users will be able to input text descriptions into Cosmos, which will then generate video simulations that adhere to the laws of physics. Huang emphasized that this innovation is just the beginning, predicting that it will accelerate breakthroughs in general robotics. “The ChatGPT moment for general robotics is just around the corner,” he said, noting that while more data is needed, rapid advancements are on the horizon.

During the keynote, Huang also demonstrated the new gaming chips in action, showcasing highly detailed graphics featuring dynamic textures and movements. The real-time performance impressed attendees, including Gary Yang, a graduate student in robotics at the California Institute of Technology, who remarked, “Previously, we’d think of these graphics as pre-rendered.”

Nvidia’s latest gaming chips will be available to consumers starting in late January. The company’s innovations were met with excitement, with Scott Epstein from tech start-up Agenovate AI commenting, “They are continuing to innovate.”

Huang’s address came ahead of CES’s official opening, which is expected to draw over 150,000 attendees and more than 4,500 exhibitors. Nvidia’s shares reached a new record high ahead of the keynote, reflecting investor optimism.

Founded in 1993, Nvidia initially made its mark with graphics processing units (GPUs) for gaming. Over the years, the company has become a leader in the AI chip market, with a market value exceeding $3 trillion. However, Nvidia faces increasing scrutiny from global regulators concerned about its growing dominance in the AI chip sector. The company revealed last year that it had been approached by antitrust watchdogs in the US, UK, EU, South Korea, and China.

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Biden Announces Offshore Drilling Ban Ahead of Trump’s Inauguration

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US President Joe Biden has imposed a ban on new offshore oil and gas drilling along most of the nation’s coastline, in one of his administration’s final acts on climate policy before Donald Trump takes office. The ban applies to the entire Atlantic coast, the eastern Gulf of Mexico, the Pacific coast off California, Oregon, and Washington, as well as a section of the Bering Sea off Alaska.

This decision comes just weeks before Trump’s scheduled return to the White House, as part of a series of last-minute environmental actions by the Biden administration. Trump, who has long pledged to “unleash” domestic fossil fuel production to lower gas prices, has repeatedly criticized Biden’s climate policies, which he sees as detrimental to energy independence.

Announcing the ban, Biden stated, “My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation’s energy needs. It is not worth the risks.”

In response, Trump dismissed the ban as “ridiculous” during a radio interview, asserting that he could overturn the decision immediately upon taking office. “I’ll unban it immediately,” Trump declared. The incoming president has promised to reverse many of Biden’s conservation and climate change policies.

The new offshore drilling ban is enacted under the Outer Continental Shelf Lands Act of 1953, which allows the president to withdraw areas from mineral leasing and drilling. However, the law does not grant presidents the authority to revoke previous bans. A 2019 court ruling stipulates that a reversal would require an act of Congress, which is now controlled by Trump’s Republican party. Additionally, areas already leased for drilling are not subject to revocation under the law.

While Trump has been a staunch advocate for expanding oil and gas exploration, he used the same law in 2020 to protect waters off Florida’s coast—a move seen as politically motivated ahead of the election. Biden’s new ban will also protect that area, but with no expiration date.

The ban covers more than 625 million acres (253 million hectares) of water and is expected to face significant opposition from the oil and gas industry. Mike Sommers, president of the American Petroleum Institute, called Biden’s decision “politically motivated” and urged Congress to reverse it.

Environmental groups, however, welcomed the move. Joseph Gordon of Oceana called it “an epic ocean victory,” praising the protection of coastal communities for future generations. Environmentalists and Democrats had advocated for the ban, citing concerns that new drilling would undermine efforts to combat climate change and reduce greenhouse gas emissions.

Biden’s decision is expected to spark legal challenges, with Trump likely to pursue avenues to overturn the ban. A final ruling could be made by the Supreme Court, which currently holds a conservative majority.

The decision reflects broader global concerns about the need to reduce fossil fuel consumption, with the International Energy Agency recommending a 5% annual reduction in oil and gas demand to limit global temperature rise to 1.5°C.

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