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Trump has stated that he plans 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 opposition from many politicians.
Written by Alan Rappeport and River Akira Davis.
Alan Rappeport provided coverage from Washington, while River Akira Davis reported from Tokyo.
During a statement on Monday evening, President-elect Donald J. Trump announced his intention to prevent a Japanese company from acquiring U.S. Steel once he assumes office. He stated that he is opposed to allowing a foreign company to own the well-known American business.
This aligns with the views Mr. Trump shared during his campaign, but it is the first time he has commented on the transaction since becoming president. Some analysts had thought there might be a possibility for the deal to proceed once the political pressure decreased, but Mr. Trump’s comments indicated that it was unlikely to be finalized.
Mr. Trump expressed his strong opposition to the acquisition of U.S. Steel by a foreign company, specifically Nippon Steel of Japan, on Truth Social. He stated that as President, he would prevent this deal from going through and 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 seemed ready to prevent the transaction before the election in September. Due to worries about politicization of the review process, the Biden administration agreed to let Nippon resubmit its filing to the Committee on Foreign Investment in the U.S. (CFIUS), pronounced as SIFF-ee-yuhs.
The two steel companies were given an extra three months to prove to the U.S. government that their transaction did not endanger national security. This extension was granted due to worries from members of both political parties. The deadline for this decision is approaching, and the Biden administration will need to either provide another extension or make a final decision on the deal.
On Monday, Mr. Trump stated that his economic strategy would guarantee the strength of U.S. Steel without needing the investments from Nippon Steel that were previously promised.
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