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Trump announced a "planned partnership" between U.S. Steel and Nippon, prompting confusion about the specific terms of the deal. (www.commondreams.org)

submitted 4 days ago by pelespirit to c/politics

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One unnamed person familiar with the merger negotiations told the Financial Times that the president's post was "considered 'tacit approval'" of the $15 billion takeover deal that was first announced in late 2023. The Biden administration blocked Nippon's proposed acquisition of U.S. Steel earlier this year, and Trump opposed the merger during his 2024 presidential campaign.

Former U.S Sen. Sherrod Brown (D-Ohio) called Trump's reversal "a betrayal of American workers.

United Steelworkers international president David McCall said in response to Trump's announcement that "we cannot speculate" about the details of the arrangement. But he reiterated the union's concerns that "Nippon, a foreign corporation with a long and proven track record of violating our trade laws, will further erode domestic steelmaking capacity and jeopardize thousands of good, union jobs."

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[–] mutual_ayed 6 points 2 days ago

Make Japan Great Again.

Fuckin moron

[–] [email protected] 2 points 2 days ago

That’s our wacky dementia Donald.