US President Donald Trump claims his steel and aluminum tariffs have revitalized the American steel industry, citing US Steel as a prime example. Meanwhile, Japanese media reports that Nippon Steel remains committed to acquiring US Steel despite Trump's preference for investment.
US President Donald Trump asserted that the American steel industry is flourishing due to his newly implemented steel and aluminum tariffs. During a press conference from the Oval Office on Thursday, Trump stated that US Steel is experiencing a period of significant growth and profitability, a consequence he attributes directly to the tariff measures. He emphasized that without his tariffs, the US steel industry would be in a dire state, with companies likely facing closure.
Trump's comments came in response to questions regarding the impact of the tariffs on American businesses. He particularly highlighted the example of US Steel, stating that the company is in a strong position thanks to the tariffs. He even went so far as to say that US Steel is now thriving and that there would be intense interest in acquiring the company. This pronouncement follows Trump's earlier statement last week about Nippon Steel's potential investment in US Steel instead of a complete takeover. The Japanese company had initially announced plans to acquire US Steel for US£14.9 billion late in 2023. However, Trump expressed his preference for Nippon Steel to invest in US Steel rather than purchasing it outright. Despite Trump's optimism, US Steel's share price experienced a minor dip following his comments before recovering by the end of the trading day. Meanwhile, Japanese media reports indicate that Nippon Steel remains committed to acquiring US Steel in its entirety and intends to inform Trump of its continued interest. Neither US Steel nor Nippon Steel has publicly addressed Trump's pronouncements
STEEL TARIFFS US STEEL Nippon STEEL DONALD TRUMP TAKEOVER
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