Trump approves deal that Biden blocked

When Biden was in office, a big merger was announced between US Steel and Nippon, a Japanese-owned company.

Biden blocked the deal, even though reports had stated it would have saved American jobs and even created some. Well, Trump has just given the thumbs up on the deal.

Nippon Announces Acquisition of US Steel

In April 2024, a big deal between US Steel and Nippon was announced, creating concern on both sides of the aisle about an American company being purchased by a Japanese company.

After the deal was announced, the Heritage Foundation reported, “Politicians salivate at the optics of ‘saving’ a U.S. company. Lobbyists could earn a windfall bonus by torpedoing the proposal. Meanwhile, Cleveland-Cliffs works behind the scenes and publicly to scuttle the deal. A U.S. Steel infused with new capital, equipment, and expertise would be a daunting competitor. In the wake of U.S. Steel rebuffing its prior offer, the Cleveland-Cliffs CEO is reportedly considering a new bid at $30 per share, a whopping 45 percent less than Nippon proposed.

“Detractors falsely claim the Nippon buyout threatens U.S. national security, manufacturing, and jobs. In reality, blocking the deal will harm American workers, shareholders, and other businesses. Why wouldn’t we want to move money from Japan to right here in the U.S.?”

We heard plenty of voices on the right upset that the deal was even being questioned due to the fact that the Japanese and Americans have such a long history of working together.

Biden Blocks the Deal

Joe Biden caved to the pressure from the left to cancel the deal, and he wound up blocking it.

At the time, Biden stated, “We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests.”

Nippon Steel and U.S. Steel were furious, claiming that Biden had no proof that the deal was suspect. They responded, “We are left with no choice but to take all appropriate action to protect our legal rights.”

The companies added, “Unfortunately, it sends a chilling message to any company based in a U.S. allied country contemplating significant investment in the United States.”

Trump Puts Deal Back in Motion

This week, Trump put the deal back on the table between Nippon and US Steel, claiming the deal would add about 70,000 jobs to the economy.

He stated, “For many years, the name, ‘United States Steel’ was synonymous with Greatness, and now, it will be again.

“This will be a planned partnership between United States Steel and Nippon Steel, which will create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy.”

Considering that Trump was against the initial deal during the campaign, it seems like Trump set Biden up to possibly preserve a win for himself if he did win the election. It will be really interesting to see how this plays out in the media now that Trump has green-lit the deal.