Things are going to be a lot different now that Trump is in power.
He’s dead serious about his “America First” agenda.
And he just took one major action to stop a massive foreign takeover.
Donald Trump wants the U.S. economy to benefit Americans first.
This doesn’t mean the rest of the world can’t enjoy the fruits of the American economy, but only after the needs of American citizens are met.
That’s why Trump is so skeptical of foreign businesses trying to take over large parts of American industries.
And with Japan’s largest steel manufacturer, Nippon Steel, aiming to take over the U.S. steel industry, Trump is making it clear—he’s not going to back down on his opposition to the deal even if there’s pressure on him to relent.
According to Reuters, “U.S. President-elect Donald Trump said on Monday a series of tax incentives and tariffs will revive storied American firm U.S. Steel, as he reiterated his opposition to Nippon Steel’s planned $15 billion purchase of the company.”
“Nippon Steel hopes to close the deal before Trump retakes the White House on Jan. 20, despite opposition from President Joe Biden and a powerful U.S. labor union.”
Biden has claimed to be opposed to the takeover but it’s telling that Nippon Steel seems anxious to close the deal while Biden is still in office.
The article continues, “In a statement on Tuesday following Trump’s comments, Nippon Steel said it would invest no less than $2.7 billion into U.S. Steel’s unionized facilities, secure union jobs and share technological innovations.”
“U.S. Steel, in a separate statement, reiterated its support for the deal, saying it would preserve steelmaking in Pennsylvania and Indiana and that the transaction should be approved on its merits.”
“Last month, Japanese Prime Minister Shigeru Ishiba wrote to Biden, who has referred the deal to a government panel that reviews foreign investments for national security risks, asking him to approve the transaction, sources have said.”
The fact the Japanese Prime Minister is so committed to this deal should give people pause.
Trump clearly doesn’t believe the deal would benefit the US steel industry and he’s willing to do what he can to keep this deal from going through.
Biden’s promise to block the deal could be sincere, but that hasn’t convinced Nippon Steel to call it off.
And fresh on the heels of Biden going back on his word and pardoning his son Hunter, Americans should have reason to be skeptical.