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.

President Joe Biden announced he was blocking the purchase of U.S. Steel by Japanese steelmaker Nippon Steel on dubious economic and national security grounds.

The acquisition was controversial as some argued foreign ownership over one of America’s largest steel producers posed a threat to national security. U.S. Steel (NYSE: X) stock was down more than 5% in midday trading Friday,