Belpointe Chief Strategist David Nelson discusses whether investors should put money into technology stocks on Making Money.
President-elect Trump said Monday he would use a series of tax incentives and tariffs to dam Nippon Steel’s planned $14 billion purchase of U.S. manufacturing company US Steel.
“I am completely opposed to the purchase of the once great and powerful US Steel by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his social media platform, Truth Social.
“Across the line Tax incentives and tariffs, we will make American steel strong and great again, and it will happen FAST! As president, I will block this transaction,” he continued. “Buyer beware!!!”
TRUMP HAS BEEN IN SECRET TALKS WITH JAMIE DIMON FOR MONTHS ABOUT THE WHITE HOUSE AGENDA
President-elect Trump has said he will use a series of tax incentives and tariffs to block Nippon Steel’s planned purchase of US company US Steel. (Scott Olson/Getty Images/Getty Images)
Nippon Steel is trying to complete the deal before Trump is sworn in again as president on Jan. 20, although President Biden and a powerful U.S. labor union also oppose the takeover. Nippon Steel is confident the deal can be completed by the end of the year.
The president said it is “vital” that US Steel “stays a domestically owned and operated American steel company.”
Signage at a US Steel Corp. steel mill. Edgar Thomson Works in Braddock, Pennsylvania, Saturday, March 16, 2024. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
Biden referred the deal to the Committee on Foreign Investment in the United States (CFIUS), a government panel that assesses foreign investments for national security risks.
The panel’s review deadline is next month. CFIUS could approve the transaction, which includes measures to address national security concerns, or recommend that the president block the transaction.
WHY RESTARTING LABOR KEYSTONE XL MAY NOT BE EASY
Water tower at US Steel Corp. steel mill. Edgar Thomson Works in Braddock, Pennsylvania, Saturday, April 6, 2024. (Justin Merriman/Bloomberg via Getty Images/Getty Images)
START YOUR FOX BUSINESS BY CLICKING HERE
The panel, chaired by Treasury Secretary Janet Yellen, could also extend the review.
Last week, Japanese Prime Minister Shigeru Ishiba urged Biden to approve the purchase, in accordance with Reuters.
Reuters contributed to this report.
