Investing.com– President-elect Donald Trump on Monday reiterated his plans to block a takeover of US Steel (NYSE: ) by Japan’s Nippon Steel Corp (TYO: ), while saying tax incentives and tariffs would benefit the struggling U.S. steelmaker.
“I am completely against the once great and powerful US Steel being bought by a foreign company, in this case Japan’s Nippon Steel. Through a series of tax incentives and tariffs, we will make US Steel strong and great again,” Trump said in a social media post.
“As president, I will prevent this deal from happening. Buyer beware!!!”
Trump has repeatedly criticized the deal, claiming it will hurt American workers. The president-elect has promised to introduce tax breaks for American companies, as well as tariffs on all imports into the country under his second administration.
Nippon Steel’s $15 billion takeover of US Steel is currently under review by the United States Board of Foreign Investment, with a decision expected later in December.
Recent reports indicated that Nippon Steel had hoped to expedite the deal before Trump takes office on January 20.
The takeover has sparked controversy over potential national security concerns and trade-offs it could pose to the U.S. steel industry. Nippon Steel has made several promises and guarantees to obtain regulatory approval.
