US president-elect Donald Trump reiterated his opposition to the sale of United States Steel Corp to Nippon Steel Corp, saying he would instead use tariffs and tax incentives to revive the US steelmaker.
Trump made the comment in a Truth Social post on Monday night, with the decision on whether it goes forward slated to land on US President Joe Biden’s desk before Trump’s inauguration.
Biden opposes it and has said US Steel would remain domestically owned, “guaranteed.” However, the president has stopped short, of flatly pledging to kill the acquisition.
Photo: AP
While the decision is not currently poised to fall to Trump, his ardent opposition is nonetheless another obstacle for an acquisition that became something of a political lightning rod during this year’s campaign.
“I am totally against the once great and powerful US Steel being bought by a foreign company, in this case Nippon Steel of Japan,” he wrote. “Through a series of Tax Incentives and Tariffs, we will make US Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!”
Nippon Steel is “determined to protect and grow US Steel in a manner that reinforces American industry, domestic supply-chain resiliency, and US national security,” a company spokesperson said in an e-mailed statement after Trump’s comment.
The deal is under review by the Committee on Foreign Investment in the United States. The panel granted a request for the case to be refiled in September, effectively allowing a delay. The deal must go to Biden this month, unless it is delayed again.
The political stakes are high, in part because US Steel is based in Pennsylvania, a crucial battleground that Biden won in 2020 and Trump took in last month’s election. Trump and Biden also jockeyed for the support of union workers, and the deal is opposed by the United Steelworkers union.
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