The intention to block the acquisition of U.S. Steel by Japanese Nippon Steel Corp. has been firmly stated by President-elect Trump. In a post on Truth Social Monday, Trump expressed his opposition, saying, “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.”
This pledge was previously made during his campaign earlier this year. The Hill has reached out to Nippon Steel for a response. Last year, the Japanese company announced plans to acquire U.S. Steel Corp. in a deal valued at $14.9 billion, a decision that faced significant criticism from lawmakers across the political spectrum.
Trump promises tariffs and incentives to revive U.S. Steel’s former glory
In September, Nippon Steel requested to refile its acquisition bid, delaying the approval decision until after the presidential election. In December, the Biden administration remarked on social media that the sale of U.S. Steel warranted “serious scrutiny.” Additionally, the United Steelworkers union voiced its concerns regarding the deal.
David McCall, the international president of United Steelworkers, stated earlier this year, “Our concerns are rooted in a wealth of evidence. Nippon Steel has a long history of strategically importing both substrate and finished products into the United States and countries as it offloads its 16 million tons of over-capacity in Japan and China, all to the detriment of American steelmaking and American steelworkers.”
Trump further asserted in his post that “we will make U.S. Steel Strong and Great Again” by implementing tax incentives and tariffs. His recent tariff threats, which propose imposing a 25 percent tariff on all goods from Canada and Mexico, along with an additional 10 percent on Chinese goods, have sparked anger among the nation’s trading partners and raised concerns among experts.
