{"id":133119,"date":"2024-12-04T06:37:45","date_gmt":"2024-12-03T23:37:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=133119"},"modified":"2024-12-04T06:37:45","modified_gmt":"2024-12-03T23:37:45","slug":"trump-vows-to-block-japanese-steelmaker-from-buying-us-steel-pledges-tax-incentives-and-tariffs","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=133119","title":{"rendered":"Trump vows to block Japanese steelmaker from buying US Steel, pledges tax incentives and tariffs"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>HARRISBURG, Pa. (AP) \u2014 President-elect <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/hub\/donald-trump\">Donald Trump<\/a><\/span> is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/us-steel-nippon-steel-acquired-industrialization-1a174c359756efd3ee0f0f9172a3bd6b\">Nippon Steel Corp.<\/a><\/span>, and he\u2019s pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker.<\/p>\n<p>Trump had vowed early in the presidential campaign that he would \u201cinstantaneously\u201d block the deal, and he reiterated that sentiment in a <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/113586503722263487\" target=\"_blank\" rel=\"noopener\">post<\/a><\/span> on his Truth Social platform on Monday night.<\/p>\n<p>\u201cI am totally against the once great and powerful U.S. Steel being bought by a foreign company\u201d and will use tax incentives and tariffs to make U.S. Steel \u201cStrong and Great Again, and it will happen FAST!\u201d he wrote.<\/p>\n<p>\u201cAs President,\u201d he continued, \u201cI will block this deal from happening. Buyer Beware!!!\u201d<\/p>\n<p>President <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/hub\/joe-biden\">Joe Biden<\/a><\/span>, like Trump, also opposes Nippon Steel\u2019s purchase of Pittsburgh-based U.S. Steel. Biden\u2019s White House in September <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/biden-steel-nippon-merger-purchase-pennsylvania-350ea331bd077d68f505acaef7fd7d5c\">said<\/a><\/span> that it had yet to see a report from the secretive <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/biden-us-steel-cfius-c518076ee38bfe8e102a04b098184816\">Committee on Foreign Investment in the United States<\/a><\/span>, which was reviewing the transaction for national security concerns. The committee, which is chaired by the treasury secretary and includes other Cabinet members, can recommend that the president block a transaction, and federal law gives the president that power.<\/p>\n<p>Ahead of the November election, the proposed merger carried political importance in Pennsylvania, a critical swing state that Trump eventually won. Biden publicly sided with the United Steelworkers, the labor union, in seeking to reject the deal.<\/p>\n<p>When he announced his opposition in a <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/biden-steel-nippon-kishida-merger-purchase-201b3d5719bcf77067cb81d181442afb\">March statement,<\/a><\/span> Biden said: \u201cU.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.\u201d<\/p>\n<p>Nippon Steel has said it is the only company that can make the necessary investment in U.S. Steel\u2019s factories and strengthen the American steel industry. Both Nippon Steel and U.S. Steel on Tuesday released statements in support of the acquisition.<\/p>\n<p>\u201cThis transaction should be approved on its merits. The benefits are overwhelmingly clear. Our communities, customers, investors, and employees strongly support this transaction, and we will continue to advocate for them and adherence to the rule of law,\u201d U.S. Steel said.<\/p>\n<p>The deal follows a long stretch of protectionist <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/biden-tariffs-mexico-china-steel-aluminum-b00486d74d437b3b1d9f2b99a67d74ca\">U.S. tariffs<\/a><\/span> that analysts say has helped reinvigorate domestic steel, including U.S. Steel. U.S. Steel\u2019s shareholders have <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/us-nippon-steel-takeover-aa6075aabe046f86350f7df4e009cde6\">approved<\/a><\/span> the deal, but the United Steelworkers oppose it.<\/p>\n<p>In a statement Tuesday, the union said the deal carries \u201cserious long-term implications for U.S. economic and national security.\u201d<\/p>\n<p>\u201cIt\u2019s clear that President Trump understands the vital role a strong domestic steel industry plays in our national security, as well as the importance of the jobs and communities the industry supports,\u201d the union said.<\/p>\n<p>The deal has drawn bipartisan opposition in the U.S. Senate, including from the incoming vice president, Republican Sen. <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/hub\/jd-vance\">JD Vance<\/a><\/span> of Ohio, although the federal government\u2019s objections to the deal have drawn criticism that the opposition is political.<\/p>\n<p>Some U.S. Steel workers would prefer Nippon Steel acquire the company, given that it appears to have a better financial balance sheet than another potential buyer, Cleveland-Cliffs.<\/p>\n<p>U.S. Steel \u201cprovided a very, very good life for our families for a lot of years,\u201d said Jack Maskil, a vice president at the Steelworkers local branch in West Mifflin, Pennsylvania. \u201cAnd we feel that with the Nippon deal that a lot more families for futures to come will be able to share the same.\u201d<\/p>\n<p>West Mifflin Mayor Chris Kelly said he met with Nippon Steel executives and found himself satisfied by their commitments. Located southeast of Pittsburgh, West Mifflin is home to U.S. Steel\u2019s Mon Valley Works\u2013Irvin Plant. <\/p>\n<p>\u201cThere\u2019s no question in my mind that it\u2019s the best deal moving forward,\u201d Kelly said at a panel hosted on Tuesday by the conservative think tank Hudson Institute, where Maskil was also speaking.<\/p>\n<p>The Biden administration committee vetting the merger is scheduled later this month to decide on the acquisition or possibly extend the ongoing review.<\/p>\n<p>William Chou, a deputy director at the Hudson Institute specializing in relations with Japan, said that \u201cPresident-elect Trump\u2019s view on the deal are important.\u201d But given the upcoming deadline, \u201cIt\u2019s up to President Biden to recognize how this deal will advance the interests of future generations of U.S. Steel union steelworkers.\u201d<\/p>\n<p>Trump\u2019s statement came two weeks after Nippon Steel\u2019s vice chairman, Takahiro Mori, visited Pittsburgh and Washington to meet with lawmakers, local officials and workers in an ongoing persuasion campaign. <\/p>\n<p>That campaign has included Nippon Steel\u2019s <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/us-steel-nippon-union-85e4ab45aa1aa82231981022520d89b5\">promises<\/a><\/span> to boost its capital commitments beyond the original deal and, more recently, a pledge that it won\u2019t import steel slabs that would compete with U.S. Steel\u2019s blast furnaces.<\/p>\n<p>As part of its proposed $14.9 billion purchase of U.S. Steel, Nippon Steel also pledged to invest at least $1.4 billion in USW-represented facilities, not to conduct layoffs or plant closings during the term of the basic labor agreement, and to protect the best interests of U.S. Steel in trade matters.<\/p>\n<h2>___<\/h2>\n<p>Boak reported from Washington.<\/p>\n<\/p><\/div>\n<p><script>\n  window.fbAsyncInit = function() {\n      FB.init({\n              appId : '870613919693099',\n          xfbml : true,\n          version : 'v2.9'\n      });\n  };\n  (function(d, s, id){\n     var js, fjs = d.getElementsByTagName(s)[0];\n     if (d.getElementById(id)) {return;}\n     js = d.createElement(s); js.id = id;\n     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n     fjs.parentNode.insertBefore(js, fjs);\n   }(document, 'script', 'facebook-jssdk'));\n<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/apnews.com\/article\/us-steel-nippon-trump-biden-steelworkers-1b0fb38077ff0a6b68e64a184f270bac\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HARRISBURG, Pa. (AP) \u2014 President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., and he\u2019s pledging to use tax &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=133119\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-133119","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/133119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=133119"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/133119\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=133119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=133119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=133119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}