President-elect Donald Trump has vowed to block the $15 billion sale of U.S. Steel to a Japanese manufacturing giant.
The Japanese company, Nippon Steel, has reportedly proposed to purchase the American steel company for $15 billion — but Trump is warning that he will stop this sale through a series of tax incentives and tariffs.
In a post on Truth Social, the president-elect stated: “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. 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!!!”
BREAKING: President-elect Trump opposes the foreign purchase of U.S. Steel. pic.twitter.com/vEbvMyHLd4
— Benny Johnson (@bennyjohnson) December 3, 2024
Trump has repeatedly vowed to stop this massive loss to the U.S. economy from happening, declaring on numerous occasions that he would be using very lever of power available to him to prevent the sale. Soon after the sale was announced in December 2023, Trump spoke out about the need to protect the U.S. steel industry.
“I would block it instantaneously. Absolutely,” he said. “We saved the steel industry. Now, US Steel is being bought by Japan. So terrible.”
Meanwhile, the Japanese steel company has released an email statement attempting to defend the purchase — claiming that the company would be investing billions in the U.S. as part of their acquisition deal.
“Nippon Steel is determined to protect and grow U. S. Steel in a manner that reinforces American industry, domestic supply chain resiliency, and U.S. national security,” the email read. “We will invest no less than $2.7 billion into its unionized facilities, introduce our world-class technological innovation, and secure union jobs so that American steelworkers at U. S. Steel can manufacture the most advanced steel products for American customers.”
Trump is not the only one pushing back against the sale, as the United Steelworkers Union also lobbied against the purchase — arguing that it poses a national security risk and will be harmful to domestic steel production.
“Altogether, the proposed sale is bad for workers, our communities and the domestic industry – as well as our national security, critical infrastructure and domestic supply chains. We must continue to resist it — together,” the union said in a statement on Monday.
The union representing U.S. Steel also reportedly endorsed Trump during his presidential run, with union members even joining him on stage at a Pennsylvania rally.
Union members representing US Steel, the iconic steel company that is set to be sold to Japan, just got on stage at the Pennsylvania rally to endorse Trump
They said Trump saved their jobs with his tariffs against China and others. pic.twitter.com/QwlgV8x0dj
— George (@BehizyTweets) October 19, 2024
President Joe Biden and Vice President Kamala Harris also immediately followed Trump’s lead after his initial promise to stop the sale — with the president issuing a statement opposing the purchase in March and the vice president declaring her opposition in September, just a few months into her failed presidential campaign.
The potential sale is still being evaluated by the U.S. Committee on Foreign Investment.
It could be a major blow to the U.S. economy if the deal goes through, as the continued loss of American companies to foreign investors will inevitably lead to jobs being outsourced overseas. The Daily Wire also noted: “U.S. Steel was once the largest steel producer in the world, but according to the World Steel Association, it was the 27th-largest steelmaker in 2023. Nippon Steel was the fourth-largest steelmaker last year in an industry that has become dominated by China.”
