Trump Opposes Nippon Steel's Acquisition of U.S. Steel

(Reuters) – U.S. President-elect Donald Trump announced on Monday that a series of tax incentives and tariffs will be implemented to revive the iconic American firm U.S. Steel. He reiterated his stance against Nippon Steel's planned $15 billion purchase of the company.

> "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump stated on his social-media platform Truth Social.

> "I will block this deal from happening. Buyer Beware!!!"

Nippon Steel aims to finalize the acquisition before Trump assumes the presidency on January 20. This comes despite resistance from President Joe Biden and a prominent U.S. labor union.

Last week, Japanese Prime Minister Shigeru Ishiba wrote to Biden, who has referred the acquisition to a government panel responsible for reviewing foreign investments for potential national security risks, urging him to approve the transaction, as reported by sources.

The deadline for the Committee on Foreign Investment in the United States (CFIUS) review is next month. CFIUS may either approve the deal—possibly alongside measures to alleviate national security concerns—or recommend that the president block it. They could also opt to extend the review period.