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Trump has stated that he intends to prevent a Japanese company from acquiring U.S. Steel. This decision aligns with his previous statements during his campaign and adds more obstacles to a deal that was already facing strong political resistance.
Written by Alan Rappeport and River Akira Davis.
Alan Rappeport provided information from Washington, while River Akira Davis reported from Tokyo.
On Monday night, President-elect Donald J. Trump announced that he plans to prevent a Japanese company from acquiring U.S. Steel once he becomes president. He stated that he does not want the well-known American company to be owned by a foreign company.
This aligns with the views Mr. Trump shared during his campaign, but this is the first time he has commented on the deal since winning the election. Some experts thought there may be a possibility for the deal to proceed once the political pressure lessened, but Mr. Trump’s comments indicated that it is unlikely to happen.
Mr. Trump expressed strong opposition to the acquisition of U.S. Steel by Nippon Steel of Japan, stating that as President he would prevent the deal from going through. He warned potential buyers to be cautious.
Earlier this year, President Biden and Vice President Kamala Harris expressed their opposition to Nippon’s $15 billion bid for U.S. Steel. The White House was considering blocking the transaction in September before the election. Due to concerns about politicization of the review process, the Biden administration agreed to Nippon’s request to resubmit their filing to the Committee on Foreign Investment in the U.S. (CFIUS).
The two steel companies were given an extra three months to prove to the U.S. government that their transaction was not a risk to national security. Both Democrats and Republicans expressed worries about the deal. This extended period is coming to an end soon, meaning the Biden administration will have to either give the companies more time or make a choice about the deal’s future.
On Monday, Mr. Trump stated that his economic proposal would help U.S. Steel stay financially stable without needing the investments that Nippon Steel had previously promised.
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