Official U.S. government announcements or press releases

President-elect Trump Vows to Block Nippon Steel's $14.9B U.S. Steel Buyout via Tax Incentives and Tariffs

Dec 3, 2024, 02:44 AM

President-elect Donald Trump announced via a Truth Social post that he will block Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel, pledging to protect the American steel industry. Declaring himself "totally against the once great and powerful U.S. Steel being bought by a foreign company," Trump vowed to implement tax incentives and tariffs to "make U.S. Steel strong and great again." The transaction remains under review by the Committee on Foreign Investment in the United States (CFIUS) and was previously opposed by the Biden administration. Trump's commitment to blocking the deal underscores his 'America First' policy and aims to revive and fortify the domestic steel industry.