>>> WELCOME BACK, EVERYBODY. THE BIDEN ADMINISTRATION IS PREPARING TO BLOCK THE ACQUISITION OF U.S. STEEL BY A JAPANESE COMPANY. REUTERS SAYS THAT CFIUS SENT NIPPON STEEL A LETTER ON SATURDAY SAYING THAT DEAL WOULD POSE A NATIONAL SECURITY RISK BY HARMING THE AMERICAN STEEL INDUSTRY. JOINING US RIGHT NOW TO TALK ABOUT THE GOVERNMENT'S INVOLVEMENT WITH BLOCKING THE DEAL IS DARTMOUTH'S TECH SCHOOL OF BUSINESS DEAN MATTHEW SLAUGHTER. MATTHEW, LOOKING AT THIS, THERE IS NO HARBOR FOR THIS DEAL, IF YOU LOOK AT ANY SECTION IN WASHINGTON. JUST ABOUT EVERY POLITICIAN SAID THEY DON'T WANT THIS TO HAPPEN. WHAT IS THE LIKELIHOOD OF IT ACTUALLY PASSING UNDER THAT SCENARIO? >> WELL, AT THIS POINT IT SEEMS QUITE UNLIKELY, UNFORTUNATELY. AND THAT'S BECAUSE ESSENTIAL TO NATIONAL SECURITY IS ECONOMIC SECURITY. AND IT LONG HAS BEEN THE CASE THAT ENGAGEMENT WITH THE GLOBAL ECONOMY FOR THE UNITED STATES PRECISELY THROUGH INVESTMENTS LIKE THIS OF GREAT FOREIGN COMPANIES IN THE UNITED STATES HAS BEEN A MAJOR CONTRIBUTOR TO THE ECONOMIC STRENGTH AND DYNAMISM OF AMERICA, WHICH DEFEATS THE KIND OF GOOD JOBS THAT ONE SEEMS TO BE CONCERNED ABOUT. >> DO YOU AGREE THAT THIS IS A NATIONAL SECURITY THREAT, THAT CFIUS SHOULD BE STEPPING IN HERE? >> NOTHING I SEE IN THE PUBLIC DOMAIN MAKES ME THINK THIS IS A A NATIONAL SECURITY RISK. I REMEMBER THE MEETINGS, THERE ARE A LOT OF LEGITIMATE MECHANISMS IN TERMS OF LIMITING THE SCOPE OF BUSINESS, IN TERMS OF THE NATIONALITY OF THE EXECUTIVES IN THE BOARDS OF DIRECTORS OF INFORMATION DISCLOSURE REQUIREMENTS. BUT JAPAN IS ONE OF OUR MOST STALWART ALLIES IN THE WORLD. WE LONG HAVE HAD VERY PRODUCTIVE COMPANIES LIKE NIPPON STEEL OPERATING IN THE UNITED STATES. SO IT IS JUST KIND OF HARD TO SEE OTHER THAN MAYBE SOME DOMESTIC POLITICAL CONSIDERATIONS FOR WHAT IS DRIVING THIS. BUT, AGAIN, WHAT WE SHOULD BE THINKING ABOUT IS AMERICA'S VIBRANCY IN THE 21st CENTURY AND HOW GLOBALIZATION SHOULD BE PLAYING A PART OF THAT. >> YOU BRING UP SOME EXCELLENT POINTS ABOUT WHAT CFIUS SHOULD BE LOOKING AT. IT SEEMS LIKE NIPPON HAS BENT OVER BACKWARDS TO TRY TO ACCOMMODATE SOME CONCERNS THAT WOULD BE LAID OUT, JUST IN TERMS OF WHO THE OWNERSHIP WOULD BE. IT IS A U.S.-BASED ARM OF NIPPON THAT WOULD BE MAKING THIS ACQUISITION. THEY WOULD KEEP AMERICAN MANAGERS RUNNING IT, AMERICANS WHO WOULD BE ON THE BOARD THERE, A LOT OF THE DECISIONS STILL BEING MADE THERE, SO, DO YOU THINK THAT THIS IS CFIUS GONE AWRY? >> UNFORTUNATELY IT SEEMS TO BE, AND I THINK YOU'RE EXACTLY RIGHT, BECKY, IT IS AN EXAMPLE OF THESE GLOBAL COMPANIES WHEN THEY INVEST IN AMERICA, THEY BRING TECHNOLOGY, THEY BRING MANAGERIAL EXPERTISE, THEY BRING THE FINANCIAL AND PHYSICAL CAPITAL, AND THE DATA, I THINK, ARE OVERWHELMING AND CLEAR ON WHAT THE BENEFITS HAVE BROUGHT, THE MOST RECENT U.S. GOVERNMENT DATA IS FROM 2021. THAT YEAR, THERE ARE 7.9 MILLION AMERICANS OVER 6% OF THE TOTAL PAYROLL JOBS WHO WORK FOR THESE U.S. AFFILIATES OF FOREIGN MULTINATIONALS. THESE COMPANIES BRING ALL THE KINDS OF KNOW HOW THAT YOU JUST MENTIONED. THESE COMPANIES ACCOUNTED FOR ABOUT 14% OF ALL THE PRIVATE SECTOR RESEARCH AND DEVELOPMENT. ABOUT 17% OF THE CAPITAL INVESTMENT. THE EXPORT OVER 24% OF TOTAL U.S. EXPORTS OF GOODS. AND ALL THOSE PRODUCTIVITY ENHANCING BEHAVIORS, THE BOTTOM LINE WAS REALLY GOOD JOBS. THE AVERAGE COMPENSATION IN THESE COMPANIES IN THE U.S. IS ABOUT $87,000. WHICH IS OVER 22% ABOVE THE REST OF THE PRIVATE SECTOR'S AVERAGE. SO, THE BENEFITS, IN NIPPON STEEL, OPERATING IN THE UNITED STATES SINCE THE 1980s. THE BENEFITS TO AMERICA FROM THESE GLOBALLY ENGAGED COMPANIES WORKING HERE IS VERY CLEAR. >> MATTHEW, MY CONCERN ON THIS IS NIPPON STEEL SAID THAT IT WOULD INVEST ABOUT $1.7 BILLION IN MANY OF THESE PLANTS. THE CEO OF THE COMPANY SAID IF NIPPON DOESN'T COME IN, THAT THEY'RE GOING TO BE FORCED TO CLOSE SOME PLANTS AND THAT THEY WOULD PROBABLY MOVE THEIR HEADQUARTERS FROM PITTSBURGH AS WELL. DO WE WIND UP BEING WEAKER AS A RESULT? >> POTENTIALLY. AND THAT'S WHAT'S HEART BREAKING. IF YOUR CONCERN IS ABOUT -- AS IT RIGHTLY SHOULD BE GOOD JOBS, GOOD WAGES, THE COMPANY HAS MADE VERY CLEAR IF THIS INVESTMENT DOESN'T GO THROUGH, THEY'RE GOING TO CONTINUE TO STRUGGLE. AND SO WHAT I THINK IS SURPRISING IS AMERICA TODAY, IT IS ON BOTH SIDES OF THE AISLE, BOTH SIDES OF PENNSYLVANIA AVENUE, WE HAVE LOST A STORY, A LEADERSHIP STORY FOR WHAT IT MEANS FOR THE UNITED STATES TO BE LEADING IN THE GLOBAL ECONOMY. WE HAVE THAT STORY FOR A LOT OF THE DECADES, FROM THE END OF WORLD WAR II ON AND TRADE AND IMMIGRATION AND INVESTMENT WERE CENTRAL TO THAT. PART OF WHY WE LOST THAT NARRATIVE, WE DID NOT DO ENOUGH TO ADDRESS THE REAL CONCERNS THAT GLOBALIZATION AND