President-elect Trump vowed to block Japanese Nippon Steel Corp’s acquisition of US Steel, expressing concern on Truth Social about US Steel being bought by a foreign company.
Driving the news: Nippon Steel announced a $14.9 billion deal to acquire US Steel, which faced criticism from lawmakers on both sides of the aisle.
- The acquisition bid was put off due to a request by Nippon Steel to refile, delaying a decision until after the presidential election.
- The deal faced pushback from the United Steelworkers union, citing concerns about Nippon Steel’s importing practices and its impact on American steelmaking and steelworkers.
What they’re saying: President-elect Trump suggested strengthening US Steel through tax incentives and tariffs, which has raised concerns among trading partners and experts.
- “I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump said on Truth Social.
