17 sources·Politics

Trump and Biden Unite to Oppose Nippon Steel Acquisition of U.S. Steel

President-elect Trump vows to block Nippon Steel's acquisition of U.S. Steel, as both he and President Biden express national security concerns over the deal.

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Updated: Dec 3rd, 2024, 10:10 PM ET

Summary

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President-elect Donald Trump has reaffirmed his commitment to blocking the $15 billion acquisition of U.S. Steel by Nippon Steel, citing national security concerns. He intends to bolster U.S. Steel through tax incentives and tariffs. President Biden shares similar views, having publicly sided with the United Steelworkers against the deal. Despite Nippon Steel's promise of investment, there is substantial criticism from various stakeholders, including bipartisan opposition in the Senate and concerns from U.S. Steel workers. The Committee on Foreign Investment in the U.S. continues its review, with implications for the future of the American steel industry.

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