Japanese, US business groups warn Yellen about ‘political pressure’ | NHK WORLD-JAPAN News

Major business groups have jointly composed a letter voicing concerns over what they call “political pressure” against Nippon Steel’s proposed acquisition of US Steel, and warning that “America’s investment climate will be severely tarnished if such political interference prevails.”

The letter sent to US Treasury Secretary Janet Yellen was signed by Keidanren, or the Japan Business Federation. Other signers include the US Chamber of Commerce and the Global Business Alliance of some 200 firms investing in America.

Yellen chairs the Committee on Foreign Investment in the United States, which is examining the buyout plan.

The letter, dated Wednesday, says it aims to express “concerns about political pressure being brought to bear on the US government’s foreign investment review” of the deal.

The senders say they fear that the review process is being used to “further political agendas that are outside of the committee’s purview and putting the US economy and workers at risk.”

They say the US is able to attract a high level of investment from international companies because of its “commitment to the rule of law” and the “predictability and stability” of its regulatory framework.