Donald Trump reiterated his opposition to the sale of United States Steel to Nippon Steel, saying he’d instead use tariffs and tax incentives to revive the American steelmaker.
Trump made the comment in a Truth Social post on Monday night, with the decision on whether it goes forward slated to land on Biden’s desk before Trump’s inauguration.
The president opposes it and has said US Steel would remain domestically owned, “guaranteed”. He has stopped short, however, of flatly pledging to kill the acquisition.
Nippon Steel shares erased gains after the news, at one point falling to as much as 1.1% before rising again to close the morning session 0.95% up.
While the decision is not currently poised to fall to Trump, his ardent opposition is nonetheless another obstacle for an acquisition that became something of a political lightning rod during the 2024 campaign.
“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 wrote. “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!!!”
See also: Trump picks investment banker Warren Stephens as UK ambassador
A spokesperson for Nippon Steel was not immediately available to comment on Tuesday.
The deal is currently under review by the Committee on Foreign Investment in the United States, or Cfius. The panel granted a request for the case to be refiled in September, effectively allowing a delay. The deal must go to Biden some time this month unless it’s delayed again.
The political stakes are high, in part because US Steel is based in Pennsylvania, a crucial battleground that Biden won in 2020 and Trump took in last month’s election. Both Trump and Biden also jockeyed for the support of union workers, and the deal is opposed by the United Steelworkers union.
