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,

The Japanese firm offered to give the U.S. government a veto over any reduction in U.S. Steel's production capacity.