US President-elect Donald Trump has pledged to block Japan's Nippon Steel's $14.9 billion acquisition of US Steel, his Truth Social platform announced on Tuesday. The move reflects Trump's continued economic policies that focus on protecting domestic industries and boosting domestic production in the face of challenges from foreign competition.
Trump has made clear that he plans to take a series of measures to support U.S. Steel, including tax incentives and tariffs aimed at strengthening the company and enhancing its role in the steel industry.
The announcement comes at a sensitive time, as the deal is under review by the Committee on Foreign Investment in the United States (CFIUS), which is expected to decide whether to approve the deal this month. The committee’s options could include approving with measures to address national security concerns, recommending blocking the deal, or extending the review period if necessary.
US Steel has previously warned of the negative consequences of blocking the deal, with its CEO indicating in an interview with the Wall Street Journal that the company may have to close its factories and even move its headquarters from Pittsburgh if the acquisition deal fails. Read also:
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