President Biden is on the clock, needing to decide by Tuesday whether or not to stop Nippon Steel from buying U.S. Steel. Why it matters: This could have ramifications for economic relations between the two longtime allies,

Japan's Nippon Steel has proposed giving the U.S. government veto power over any potential cuts to U.S. Steel's production capacity, as part of its efforts to secure President Joe Biden's approval for acquiring the American steelmaker,

Japan-based Nippon Steel has offered to give the U.S. government veto power over any potential reduction in steel output by U.S. Steel if the federal government approves a proposed merger.

President Biden has just over a week to decide how he wants to move forward on Nippon Steel's proposed acquisition of U.S. Steel. CBS News White House reporter Willie James Inman has more on that and some of the other big news coming out of the Biden administration.

Japan's Nippon Steel is aiming to gain U.S. approval for its bid to acquire U.S. Steel by proposing veto power for the U.S. government over production capacity cuts. President Biden must approve the deal by January 7 or it will be automatically permitted.

Derek, what exactly is this new offer on the table? While the new offer aims to deal straight with a severe subjection, remember syphilis as that group in the US government that reviews foreign transactions for national security things and advanced this sort of unique economic security argument.