President Joe Biden's decision to block the sale of U.S. Steel to Nippon Steel, Japan's largest steelmaker, could provide President-elect Donald Trump with a political victory before he takes office.
The potential takeover of U.S. Steel was one of the most debated issues during the 2024 presidential race, and halting a large foreign organization such as Nippon Steel could be viewed as a political victory for Trump and his "America first" philosophy, Newsweek reported.
Trump previously vowed to block the sale, writing last month on his social media platform Truth Social, "I am totally against the once great and powerful U.S. Steel being bought by a foreign company" and will use tax incentives and tariffs to make U.S. Steel "Strong and Great Again, and it will happen FAST! As President, I will block this deal from happening. Buyer Beware!!!"
In a joint statement, U.S. Steel and Nippon Steel criticized Biden's decision and announced their intent to file a lawsuit.
"We are dismayed by President Biden's decision," the companies said. "The president's statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision. We are left with no choice but to take all appropriate action to protect our legal rights."
"As I have said many times, steel production – and the steel workers who produce it – are the backbone of our nation," Biden said in a statement on Friday announcing the decision to prevent the sale. "A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains."
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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