Biden announced his decision following a lengthy national security review into the deal, led by the Committee on Foreign Investment in the United States.
The planned talks are a welcome sign for importers and exporters bracing for a labor disruption that would shut every major port on the U.S. East and Gulf coasts.
The project was brought about following the grounding of the Ever Given in 2021, which blocked the waterway for six days and impacted billions of dollars worth of trade.
The UST first learned of the breach from third-party software provider BeyondTrust, after the company discovered that a hacker had stolen a security key used for tech support.