WASHINGTON: US President Donald Trump has approved the partnership between US Steel and Nippon Steel of Japan, aiming to create at least 70,000 jobs and include $14 billion in the US economy.
According to a social media post on Friday, Donald Trump stated on the US Steel-Nippon Steel Partnership, “I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh.”
Donald Trump demonstrated the US Steel-Nippon Steel partnership as the largest investment in the history of Pennsylvania, highlighting that, according to his tariff policies, steel production will remain in the US.
According to the deal, former US President Joe Biden’s decision in January has been reversed to block Nippon Steel’s acquisition of US Steel on national security grounds.
After reconsideration by the Committee on Foreign Investment in the United States (CFIUS), the panel submitted its endorsements to Trump earlier this week.
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Donald Trump had earlier shared worries about Nippon Steel’s plan to make US Steel under its umbrella as a subsidiary, but he welcomed additional investment from the Japanese firm.
The recent announcement on the US Steel-Nippon Steel partnership indicates a possible shift in opinion, but a formal approval of the deal is still pending.
Nippon Steel reacted to Donald Trump’s statement, appreciating his decision to support the deal.
The company trusts its plan matches Donald Trump’s plan to protect American workers, the steel industry, and national security.
Although many people are optimistic about the deal, labour unions are still in doubt. The United Steelworkers Union is worried about the earlier issues Nippon Steel had with trade rules and warns of the possible harm this US Steel-Nippon Steel Partnership could give to the U.S. steel industry.
Donald Trump is likely to share his thoughts on this matter at a rally in Pittsburgh coming Friday, where he is expected to share additional details about the agreement and what it means for the steel industry in the U.S.
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