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President Donald Trump has said he is opposed to Japan's Nippon Steel acquiring U.S. Steel.
President Trump said, “I will block this agreement from happening. Buyers beware!!!”
I am completely opposed to the once great and powerful US Steel being acquired by a foreign company, in this case Japan's Nippon Steel. Through a series of tax breaks and tariffs, we will make American steel strong and great again. It will happen soon. As President, I will stop this deal from happening. Buyer beware!!!
Nippon Steel is trying to finalize an agreement before President Trump takes office.
Nippon Steel is trying to complete the deal before Trump takes office again on January 20, but President Biden and powerful U.S. labor unions also oppose the deal. Nippon Steel is confident of completing the transaction by the end of the year.
The president said it is “critically important” for U.S. Steel to “remain a domestically owned and operated American steel company.”
Mr. Biden referred the deal to the Committee on Foreign Investment in the United States (CFIUS), a government committee that reviews foreign investments for national security risks.
The deadline for the committee's review is next month. CFIUS could approve the deal, which includes addressing national security concerns, or recommend that the president block the deal.
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