Trump repeats promise to block Nippon Steel-US Steel deal By Investing.com
Investing.com– President-elect Donald Trump on Monday reiterated his plans to block a takeover of US Steel (NYSE: ) by Japan’s Nippon Steel Corp (TYO: ), while saying that tax incentives and tariffs would benefit the ailing US steelmaker.
“I am totally against US Steel which was once big and powerful and was bought by a foreign company, in this case Japan’s Nippon Steel. With a series of Tax Incentives and Spending, we will make US Steel Stronger and Slower,” Trump said on social media.
“As President, I will prevent this agreement from happening. Buyer beware!!!”
Trump has repeatedly criticized the deal, saying it will hurt American workers. The President-elect has vowed to introduce tax breaks for American companies, as well as tariffs on all imports from the country under his second administration.
Nippon Steel’s $15 billion takeover of US Steel is currently under review by the Committee on Foreign Investment in the United States, with a decision expected later in December.
Recent reports indicated that Nippon Steel was hoping to expedite the deal before Trump takes office on January 20.
The seizure has sparked controversy over potential national security concerns and potential compromises for the US steel industry. Nippon Steel has made several promises and guarantees to gain regulatory approval.
