Trump, Biden Oppose Nippon Steel's U.S. Steel Deal

President-elect Donald Trump has declared his intention to block the $15 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing a need to preserve American ownership of the company. Both Trump and President Joe Biden oppose the deal, which has become a rare point of bipartisan agreement. U.S. Steel argues that the deal is crucial for investment in its Pennsylvania plants, while Nippon Steel has committed $2.7 billion in unionized facilities and technological innovations to maintain U.S. jobs. The Committee on Foreign Investment in the United States (CFIUS) is reviewing the acquisition for national security concerns, with a decision expected by next month. Nippon Steel is racing to finalize the purchase before Trump takes office, amid strong political and union opposition. Trump plans to employ tax incentives and tariffs to strengthen U.S. Steel should the deal be blocked.