Trump vows to block Japanese steelmaker from buying US Steel, pledges tax incentives and tariffs

Associated Press

HARRISBURG, Pa. (AP) — President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he’s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker. Trump said during the campaign that he would “instantaneously” block the deal, and he reiterated that sentiment in a Monday night statement. President Joe Biden also opposes Nippon Steel’s purchase of Pittsburgh-based U.S. Steel. A secretive U.S. committee is reviewing the transaction for national security concerns, and federal law gives the president the power to block the transaction. Nippon Steel is pledging to invest in U.S. Steel’s factories and strengthen the American steel industry.