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President-elect Trump said Monday he would use a series of tax incentives and tariffs to block Nippon Steel's planned $14 billion purchase of American manufacturing company U.S. Steel.
"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," Trump wrote on his social media platform Truth Social.
"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," he continued. "Buyer Beware!!!"
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President-elect Trump said he would use a series of tax incentives and tariffs to block Nippon Steel’s planned purchase of American firm U.S. Steel. (Scott Olson/Getty Images / Getty Images)
Nippon Steel seeks to close the deal before Trump is sworn in as president again on January 20, although President Biden and a powerful U.S. labor union also oppose the takeover. Nippon Steel is confident the deal can be finished by the end of the year.
The president has said it was "vital" for U.S. Steel "to remain an American steel company that is domestically owned and operated."
Signage at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Saturday, March 16, 2024. (Justin Merriman/Bloomberg via Getty Images / Getty Images)
Biden has referred the deal to the Committee on Foreign Investment in the United States (CFIUS), a government panel that reviews foreign investments for national security risks.
The deadline for the panel's review is next month. CFIUS could approve the deal, including with measures to address national security concerns, or suggest that the president block the transaction.
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A water tower at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Saturday, April 6, 2024. (Justin Merriman/Bloomberg via Getty Images / Getty Images)
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The panel, helmed by Treasury Secretary Janet Yellen, could also extend the review.
Last week, Japanese Prime Minister Shigeru Ishiba called on Biden to approve the purchase, according to Reuters.
Reuters contributed to this report.
