President-elect Donald Trump is making clear that he intends to block a proposed acquisition of U.S. Steel by Japanese firm Nippon Steel, a topic that has received significant attention as lawmakers pledge to bolster American manufacturing. 

What You Need To Know

  • President-elect Donald Trump is making clear that he intends to block a proposed acquisition of U.S. Steel by Japanese firm Nippon Steel, a topic that has received significant attention as lawmakers pledge to bolster American manufacturing
  • “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 wrote in a post on his social media site Truth Social late on Monday
  • The potential takeover of U.S. Steel has been highly scrutinized in Washington since the Japanese firm announced the proposed $14.9 billion deal last year
  • President Joe Biden came out against the firm – based in a country, Japan, considered one of America’s closest allies, particularly in the vital Indo-Pacific region – acquiring the U.S. 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 wrote in a post on his social media site Truth Social late Monday. 

He went on to vow to block the deal from happening, adding “Buyer Beware!!!”

The potential takeover of U.S. Steel has been highly scrutinized in Washington since the Japanese firm announced the proposed $14.9 billion deal last year. 

President Joe Biden came out against the firm – based in a country, Japan, considered one of America’s closest allies, particularly in the vital Indo-Pacific region – acquiring the U.S. company. 

The Committee on Foreign Investment in the United States, which is tasked with reviewing potential deals involving foreign investments, had been reviewing the proposal for months. Despite Biden’s vocal opposition, the White House frequently pointed to the need to see the committee’s recommendations before the president decided whether to block the deal.  

Multiple outlets reported that Nippon Steel was set to refile its bid for the takeover in September, pushing any decision until after the Nov. 5 presidential election. 

The issue became a focus on the campaign trail this year as both political parties courted blue-collar workers, many of which reside in the critical swing states of Michigan, Wisconsin and Pennsylvania – also where U.S. Steel is headquartered. The United Steelworkers union opposes the potential acquisition. 

U.S. Steel has warned of consequences for the company, such as staff cuts, should the deal not go through. 

In his Truth Social post on Monday, Trump vowed that “a series of Tax Incentives and Tariffs” will make the U.S. firm “Strong and Great Again.” 

Tariffs are a focal point of Trump’s voiced economic agenda, with his latest proposal involving a 25% one on Mexican and Canadian goods and an additional 10% on top of existing tariffs on Chinese goods.