Trump Takes Bold Stand: Vows to Block Major U.S. Steel Sale to Japanese Giant – What It Means for America’s Future

President-elect Donald Trump promised Monday night to stop Japan’s Nippon Steel from acquiring U.S. Steel, once again stepping into global economic matters more than a month before he takes office.  Trump posted on social media, saying, “I am completely against the once great and powerful U.S. Steel being bought by a foreign company.” “We will quickly restore the strength and greatness of U.S. steel through a set of tax incentives and tariffs! I will prevent this agreement from happening in my capacity as president. Buyer Beware! When Nippon Steel revealed last year that it planned to pay $14.9 billion to acquire U.S. Steel, both Democrats and Republicans voiced their concerns about the possible national security ramifications of foreign control of a vital part of the nation’s industrial base.

President Joe Biden declared earlier this year that he was against the sale, stating in March that “it is vital for U.S. Steel to remain an American steel company that is domestically owned and operated, as it has been an iconic American steel company for more than a century.” The Committee on Foreign Investment in the U.S., an interagency panel led by the Treasury Department, is now reviewing the proposed deal and will make a final judgment. The committee’s recommendation is for the president to halt an asset sale on the basis of national security.

On the potential acquisition, steelworkers have differing opinions. Earlier this year, United Steelworkers’ international president David McCall warned that Nippon Steel would harm the American steel sector by bringing in essential parts from China and Japan, both of which have excess capacity. “The United States will eventually become dependent on imports of slabs and hot band material essential to infrastructure and national defense as a result of this long-term reduction and destabilization of U.S.-based steelmaking processes,” he stated in June.