Trump Vows to Block Sale of U.S. Steel to Japanese Nippon Steel

President-elect Donald Trump has pledged to block the sale of U.S. Steel to Japan’s Nippon Steel, proposing tax incentives and tariffs to preserve the historic American company. Nippon Steel offered $15 billion for the acquisition, but Trump declared his opposition, citing economic and national security concerns.

“I am totally against the once great and powerful U.S. Steel being bought by a foreign company,” Trump wrote on Truth Social. He vowed to make the steel giant “strong and great again” through economic measures if the deal proceeds.

The sale, announced in December 2023, sparked resistance from key stakeholders, including the United Steelworkers union. The union criticized the proposed acquisition as harmful to domestic production, national security, and critical supply chains, urging collective resistance to the deal.

Nippon Steel defended the acquisition, promising significant investments in the U.S. market. The Japanese company stated plans to inject $2.7 billion into unionized facilities, preserve union jobs, and introduce advanced steel technologies to enhance production for American customers.

Trump has long criticized foreign acquisitions of American industries, emphasizing the importance of maintaining domestic control over strategic assets. He previously credited his administration with rescuing the steel industry, opposing what he described as a “terrible” move to allow foreign ownership.

President Joe Biden and Vice President Kamala Harris have also voiced opposition to the sale. Biden announced his stance in March, while Harris opposed it during her presidential campaign in September.

The U.S. Committee on Foreign Investment is currently reviewing the transaction. Meanwhile, U.S. Steel, once the largest global steelmaker, has slipped to 27th in production as the global market is increasingly dominated by China. Nippon Steel ranked as the fourth-largest steelmaker in 2023.

The battle over U.S. Steel highlights ongoing concerns about foreign influence in critical industries and the broader implications for national security and economic independence.

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