US rejection of Nippon Steel's bid for US Steel rankles Washington's key ally in Asia

President Joe Biden's decision to reject a bid by Nippon Steel to acquire U.S. Steel isn't the first time friction over trade and investment has irked Washington's closest ally in Asia. Secretary of State Anthony Blinken sought to smooth ruffled feathers in a visit to Tokyo on Tuesday. But the assertion that the proposed $15 billion deal could threaten U.S. national security has stung. Many in Japan see the decision as a betrayal after decades of U.S. pressure to lift barriers to investment and trade. Japanese businesses already are bracing for tariff hikes under President-elect Donald Trump. Japanese Prime Minister Shigeru Ishiba was blunt in warning that spoiling the deal might hurt Japanese investment in the U.S.