Donald Trump has reiterated his opposition to Nippon Steel Corp.’s proposed acquisition of United States Steel Corp., vowing to use tariffs and tax incentives to revitalize the American steelmaker instead.
In a Truth Social post on Monday, Trump declared, “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 Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, FAST!”
While the deal awaits President Joe Biden’s decision, Trump’s vocal stance adds political tension to the transaction, which has faced opposition from union workers and become a flashpoint in the U.S. steel industry.
Current Status
- The acquisition is under review by the Committee on Foreign Investment in the United States (Cfius), with a decision expected by month’s end unless further delayed.
- Nippon Steel reaffirmed its commitment to preserving U.S. industry and national security in a statement following Trump’s remarks.
Political Implications
The stakes are particularly high as U.S. Steel is headquartered in Pennsylvania, a swing state critical to both Biden’s and Trump’s recent election campaigns. The deal’s future could influence key voter bases, including union workers.
Nippon Steel shares reacted to the news but recovered, rising 1.1%.