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U.S. President Donald Trump voiced conditional support for Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel during a rally in Pennsylvania, but stopped short of officially approving the deal. Speaking near Pittsburgh, Trump celebrated a "blockbuster agreement" that he claimed would keep the iconic American steelmaker under U.S. control, while praising the Japanese firm as a valuable partner.
Despite his public endorsement, Trump emphasized that final approval of the merger is still pending, stating, "We haven’t seen the final deal yet." He reassured workers that U.S. Steel would remain American-controlled, avoid layoffs, and benefit from billions in Japanese investment to modernize operations.
The acquisition, first proposed in 2023, has sparked political and economic tensions. While Nippon Steel aims to expand its global footprint, the deal has faced backlash from labor unions and national security concerns. President Joe Biden previously blocked the merger in January, citing security risks. A fresh 45-day national security review was recently launched under Trump’s administration.
Trump also announced a significant policy move—doubling tariffs on imported steel and aluminum to 50%, effective Wednesday. This protectionist measure aims to bolster domestic production and American steel jobs, especially in key battleground states like Pennsylvania.
Nippon Vice-Chair Takahiro Mori expressed optimism at the rally, thanking Trump for "securing the company’s future." However, Japan’s chief trade negotiator said no formal approval has been issued. Trump has until Thursday to decide, though the timeline may shift.
The evolving deal, seen as both a business and political flashpoint, remains uncertain. Investors briefly rallied on expectations of Trump’s approval, but mixed signals regarding ownership terms have raised fresh doubts. The next days will determine whether this historic steel merger moves forward.
