Trump says he will block Nippon Steel from taking over US Steel: ‘Buyer Beware’
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President-elect Trump said Monday he would use a series of tax incentives and tariffs to block Nippon Steel’s $14 billion purchase of American steelmaker US Steel.
“I am totally against the once great and powerful US Steel being bought by a foreign company, in this case Japan’s Nippon Steel,” Trump wrote on the Truth Social site.
“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 prevent this deal from happening,” he continued. “Buyer Beware!!!”
TRUMP REPORTEDLY HAD CONFIDENTIAL CONVERSATIONS WITH JAMIE DIMON FOR MONTHS ABOUT THE WHITE HOUSE AGENDA.
President-elect Trump has said he will use a series of tax incentives and tariffs to block Nippon Steel’s plan to buy US Steel. (Photos by Scott Olson/Getty Images)
Nippon Steel wants to close the deal before Trump is sworn in as president again on January 20, even though President Biden and the powerful American labor union oppose its takeover. Nippon Steel hopes that the deal can be completed by the end of the year.
The president said it is “important” that US Steel “remains an American owned and operated steel company.”
Signs at US Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, Saturday, March 16, 2024. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
Biden referred the deal to the Committee on Foreign Investment in the United States (CFIUS), a federal panel that reviews foreign investment for national security risks.
The panel’s review deadline is next month. CFIUS can approve the deal, including measures to address national security concerns, or recommend that the president block it.
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US Steel Corp. water tower. Edgar Thomson Works steel mill in Braddock, Pennsylvania, Saturday, April 6, 2024. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
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The team, assisted by Treasury Secretary Janet Yellen, could extend the review.
Last week, Japanese Prime Minister Shigeru Ishiba asked Biden to approve the purchase, according to Reuters.
Reuters contributed to this report.
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