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,

Nippon Steel sent a new proposal in its bid to buy U.S. Steel, including giving the U.S. government a veto over any reduction in U.S. Steel’s “production capacity.”

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'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.

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.