Nippon Steel’s $14 billion takeover bid for the steelmaker appears doomed, with President Biden expected to reject it. Litigation and diplomatic turmoil could follow.

© Lawrence Bryant/Reuters

The President-elect is demanding the so-called BRICS countries pledge fealty to the greenback, or risk a new wave of tariffs.

The dollar gained and investors sold off stocks after the president-elect promised to levy new restrictions on the United States’ biggest trade partners.