Trump vows to block Japanese steelmaker from buying US Steel, pledges tax incentives and tariffs
President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker
HARRISBURG, Pa. — President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he's pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker.
Trump had vowed early in the presidential campaign that he would “instantaneously” block the deal, and he reiterated that sentiment in a post on his TruthSocial platform on Monday night.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company” and will use tax incentives and tariffs to make U.S. Steel “Strong and Great Again, and it will happen FAST!” he wrote.
“As President," he continued, «I will block this deal from happening. Buyer Beware!!!”
President Joe Biden, like Trump, also opposes Nippon Steel's purchase of Pittsburgh-based U.S. Steel. Biden’s White House in September said that it had yet to see a report from the secretive Committee on Foreign Investment in the United States, which was reviewing the transaction for national security concerns. The committee can recommend that the president block a transaction, and federal law gives the president that power.
Nippon Steel has said it is the only company that can make the necessary investment in U.S. Steel's factories and strengthen the American steel industry. Both Nippon Steel and U.S. Steel on Tuesday released statements in support of the deal.
»This transaction should be approved on its merits. The benefits are overwhelmingly clear. Our
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