(Update) Trump "Totally Against" Nippon Steel's Buyout of U.S. Steel
Washington, Dec. 2 (Jiji Press)--U.S. President-elect Donald Trump said Monday that he is "totally against" Japanese steel giant Nippon Steel Corp.'s plan to acquire United States Steel Corp.
"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 said on his own social media platform, Truth Social. "I will block this deal from happening."
Trump vowed to "make U.S. Steel strong and great again" through tax incentives and tariffs. He signaled a willingness to protect the U.S. steel industry through policies such as tax breaks for investment in the sector.
Nippon Steel's buyout plan is currently undergoing a security review by the Committee on Foreign Investment in the United States, or CFIUS, with a deadline at the end of this year.
The United Steelworkers, or USW, union is strongly opposed to the acquisition plan, and Trump made his opposition clear during his presidential campaign.
(2024/12/03-13:20)
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