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President Donald Trump announced on Monday that he will seek to block Japan’s Nippon Steel from purchasing the American manufacturer U.S. Steel.
Trump shared the comments in a Truth Social post on Monday evening concerning the controversial purchase plan from the Japan steel company.
“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.
“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!!!” he continued.
Nippon Steel is attempting to finalize its acquisition before Trump returns to the White House on Jan. 20, despite opposition from both President Joe Biden and a prominent U.S. labor union. The company remains optimistic that the deal will be completed by the end of the year.
Biden has emphasized the importance of U.S. Steel staying a domestically owned and operated American company. He has referred the proposed acquisition to the Committee on Foreign Investment in the United States (CFIUS), a government body that assesses foreign investments for potential national security risks, according to a report from Fox Business.
CFIUS has until next month to review the deal. It may either approve the acquisition, possibly with conditions to mitigate national security concerns, or recommend that the president block it.
Recently, Japanese Prime Minister Shigeru Ishiba urged President Biden to approve the deal, as reported by Reuters.
“We believe we can close the US Steel deal by the end of the year under the current U.S. administration,” Takahiro Mori, Nippon Steel’s vice chairman and key negotiator on the deal, told reporters last month.
“Now that the U.S. election is over and we are in a position to have a proper discussion, there is no reason to postpone the review process any longer,” Mori added. “The United States is essential to our continued growth as it is the world’s largest market for high-grade steel and is a growing market with little China risk.”