The Trump administration is finally getting out of the way of Nippon Steel's acquisition of U.S. Steel—but in a way that seems to ensure more federal meddling in the future.
It has been more than 17 months since U.S. Steel, a private company, struck a deal to be bought by Japan-based Nippon Steel for about $15 billion. Before the deal could be finalized, however, then-President Joe Biden swooped in to block the transaction, citing national security concerns that were never well defined. After an extensive review by the Biden administration found no reason to block the deal, Biden unilaterally decided to derail it anyway. During last year's campaign, President Donald Trump and Vice President J.D. Vance sided with Biden (and U.S. Steel's union) and opposed the deal.
But Trump has abruptly changed course. On Friday, he announced "a planned partnership" between the two companies. In a statement posted to Truth Social, the president said the deal would "create at least 70,000 jobs, and add $14 Billion Dollars to the U.S. Economy."
