The newly elected president has reported pledged to prevent the acquisition of U.S. Steel by the Japanese company Nippon Steel Corporation.
Earlier this year, while he was out on the campaign road, he declared the same commitment.
“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. Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!” Trump wrote on his Truth Social platform.
Last year, the Japanese company made the announcement that it will acquire U.S. Steel Corporation in a transaction worth $14.9 billion.
This move was met with severe criticism from lawmakers on both the Democratic and Republican sides of the aisle.
In September, Nippon made a request to resubmit its acquisition bid, which resulted in a delay in the decision regarding whether or not to approve the partnership until after the presidential election.
In December of last year, the administration of President Joe Biden announced in a statement on social media that the sale of United States Steel warranted “serious scrutiny.”
Additionally, the United Steelworkers union voiced their opposition to the compromise.
The most recent tariff threats made by the president-elect, which include imposing tariffs of 25 percent on all imports from Canada and Mexico and adding an additional 10 percent to the tax on all goods from China, have elicited the ire of the country’s trade partners and the anxiety of industry experts.
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