Trump's Steel Flip-Flop From Foe to Fan?

Trump Celebrates "Partnership" Between US Steel and Nippon Steel: A Dramatic U-Turn

In a surprising turn of events, former President Donald Trump is set to visit Pittsburgh today to celebrate what he's calling a "planned partnership" between U.S. Steel and Nippon Steel, a Japanese company. This announcement comes after his previous staunch opposition to any merger between the two steel giants.

The event, scheduled for 5 p.m. ET at the Irvin Works in Allegheny County, marks a significant shift in Trump's stance. Let's delve into the details of this unexpected development:

Key Highlights of the "U.S. Steel Deal":

• Trump claims the agreement will create at least 70,000 jobs.
• He anticipates a $14 billion boost to the American economy.
• The "investment" is projected to occur over the next 14 months.
• U.S. Steel will reportedly remain headquartered in Pennsylvania.

A History of Opposition:

During his 2024 campaign, Trump explicitly pledged to block Nippon Steel's acquisition of U.S. Steel. He reiterated this commitment even after being elected. In early December, he posted on his social media platform, stating he was "totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan."

The Biden Administration's Stance:

In January, the Biden administration also stepped in, blocking the sale of U.S. Steel to Nippon Steel, citing national security concerns. The White House emphasized the importance of keeping one of the largest steel producers in the nation American-owned.

Conflicting Reactions:

The initial reaction to the potential merger was mixed. The president of the United Steelworkers union, representing hundreds of thousands of workers, celebrated the move. However, local leaders voiced concerns about U.S. Steel's future in southwestern Pennsylvania.

Navigating the Details:

While details remain scarce, Trump's former trade advisor, Peter Navarro, has suggested that U.S. Steel will "own" the company, with Nippon Steel having "some involvement but no control." This contrasts with earlier reports from Nikkei Asia, which indicated Nippon was seeking 100% ownership.

U.S. Steel's Perspective:

U.S. Steel released a statement praising Trump as "a bold leader and businessman who knows how to get the best deal for America." The company added that "U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years," but provided no specific details.

Unanswered Questions and Future Implications:

This sudden shift in tone from Trump raises several questions. What specific guarantees have been made to ensure U.S. Steel remains truly "American"? What concessions, if any, have been made to Nippon Steel? And how will this "partnership" navigate the national security concerns previously raised by both the Trump and Biden administrations?

The coming days and weeks will undoubtedly shed more light on this evolving situation. As the world watches, the fate of U.S. Steel and its impact on the American economy remain subjects of intense scrutiny and speculation.

Ultimately, this development underscores the complexities of international trade and the ever-shifting landscape of global business. Only time will tell if this "partnership" truly benefits American workers and strengthens the nation's steel industry.

Tags: Trump, US Steel, Nippon Steel, Merger, Pittsburgh, US economy, Job creation, Steel deal, Investment, Donald Trump, Trade, National Security, Peter Navarro, United Steelworkers

Source: https://abcnews.go.com/Politics/trump-celebrate-partnership-us-steel-nippon-steel-merger/story?id=122343217