There's been plenty of chatter in recent months about the sale of U.S. steel by Nippon Steel, Japan's largest steelmaker. While there are conservatives in favor of such a deal, President-elect Donald Trump made clear on Monday night that he is not a fan. In a Truth Social post that evening, he stressed that he is not only opposed, but that he will block such a deal.
"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," he shared. Trump continued by addressing how he will fix U.S. steel, which includes through tariffs. "Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!"
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 3, 2024
Trump has expressed his support for tariffs for some time now, and last Monday announced, also over Truth Social, that on his first day in office he would be enacting 25 percent tariffs on Canada and Mexico due to "Open Borders" and concerns with fentanyl, as well as 10 percent tariffs on China.
His use of tariffs, as well as vowing to block the deal has been lauded as bringing America "back" and a return to "America First" policies. Canada has especially been falling in line when it comes to tariffs, and Prime Minister Justin Trudeau even visited Mar-a-Lago last Friday to discuss the situation. As more information has been coming out about such a meeting, we now know that Trump even joked about annexing Canada and making it the 51st state, which Matt will have more on later.
Trump is not the only one opposed to such a deal with Nippon Steel, as President Joe Biden and Vice President Kamala Harris are also opposed, according to The New York Times. However, the Biden-Harris administration in September nevertheless agreed in September to allow Nippon to resubmit a filing.
As the report mentioned:
The assertion reiterated sentiments Mr. Trump expressed on the campaign trail this year, but it was his first time weighing in on the transaction since winning the presidential election last month. Some analysts had expected that there could be a way forward for the deal after the political pressure subsided, but Mr. Trump’s remarks suggested that there would be little chance for it to close.
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President Biden and Vice President Kamala Harris had also indicated this year that they opposed Nippon’s $15 billion bid for U.S. Steel, and the White House had appeared poised to block the transaction in September ahead of the election. Amid concerns that the review process was being politicized, the Biden administration agreed to grant a request by Nippon to resubmit its filing with the agency running the review, which is the Committee on Foreign Investment in the U.S., or CFIUS (pronounced SIFF-ee-yuhs).
That decision gave the two steel makers an additional three months to convince the U.S. government that the transaction did not pose a threat to national security, amid concerns from both Democrats and Republicans. That period was about to expire next week, forcing the Biden administration to grant the companies another extension or to make a decision about the fate of the deal.
Trump's announcement, which is particularly significant given that it's the first time he's weighed in since winning the presidential election last month, as The New York Times mentioned, quickly became a trending topic over X.
The president-elect has been making plenty of announcements over social media on Monday, as we've been covering. Such announcements have to do with his trip this weekend to the Notre-Dame de Paris for the cathedral's restoration, as well as his announcement demanding that Hamas release the hostages still being held in Gaza, and do so before he is inaugurated on January 20, 2025, otherwise "there will be ALL HELL TO PAY in the Middle East."
As Matt covered, Trump also announced on Monday that he has selected Warren A. Stephens, CEO, chairman, and president of Stephens, Inc.as his nominee for United States ambassador to the United Kingdom.