Two weeks after the US election, hundreds of allies gathered at the White House to soothe Joe Biden in defeat. Tracking the closed-door bash for clues was a group rarely interested in the routine preening of Washington: arbitrage traders.

By blocking a Japanese company’s takeover of U.S. Steel, President Joe Biden said he was protecting good jobs in the American heartland. He may be putting them at risk instead. In making its nearly $15 billion bid for the storied Pittsburgh-based steelmaker,

The president said he was moving to protect national security in deciding the fate of the iconic Pennsylvania-based company, which became a contentious political issue in an election year.