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This chapter explores recent U.S. economic policy shifts, focusing on President Biden's rejection of Nippon Steel's bid for U.S. Steel due to national security issues. It also highlights the political ramifications for blue-collar workers in Pennsylvania and discusses Volkswagen's stability concerns alongside Egypt's disappointing investments.

Volkswagen calls for drastic measures to bolster profits, and President Joe Biden wants to block a Japanese company’s acquisition of US Steel. Plus, damning findings about the Grenfell Tower fire surface, and Egypt’s journey from gas bonanza to power blackouts

Mentioned in this podcast:

Joe Biden set to block Nippon Steel’s takeover of US Steel

Volkswagen warns staff it has ‘a year, maybe two’ to adapt to lower demand

‘Incompetence, dishonesty and greed’: Key findings of Grenfell report

Egypt’s journey from gas bonanza to power blackouts

CREDIT: AP

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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