Trump confirmed his intention to block the merger of USS and Nippon

US President-elect Donald Trump is reaffirming his campaign promise to block US Steel's acquisition of Japan's Nippon Steel.

“I am categorically opposed to the once great and powerful US Steel being purchased by a foreign company, in this case Nippon Steel of Japan,” Trump said in a Truth Social post.

On Monday, Trump reiterated his objections to the deal and shared his vision of how he believes US Steel would prosper in an alternative scenario.

“Through a series of tax breaks and tariffs, we will make the American steel industry strong and great again, and it will happen FAST!” - Trump wrote.

The United Steelworkers (USW) applauds Trump's stance.

“USW applauds President Trump's continued opposition to Nippon Steel's acquisition of US Steel, a deal with serious long-term economic and national security implications for the United States. Our union thanks him for his ongoing commitment to American manufacturing and agrees with him that, with the proper attention, US Steel will thrive in the future as a domestically owned and operated company,” the USW said in a statement following Trump's latest social media post.

The president-elect adds: “As president, I will block this deal. Buyer beware!!!"

David Burritt, CEO of US Steel, said the 123-year-old company will move from its headquarters in Pittsburgh, Pennsylvania, if the acquisition is not allowed. The USW later called the announcement a "scare tactic," which drew the attention of lawmakers who accused Burritt of being financially motivated if the deal was successful.

The deal is currently being audited by the Committee on Foreign Investment in the United States (CFIUS) to assess potential national security risks to the United States. CFIUS initially wrote a letter to USS/Nippon expressing concern that the acquisition would jeopardize American interests. US President Joe Biden agreed to allow Nippon to refile key documents and delay the decision to give CFIUS more time to review. The committee is expected to make a decision this month, at which time Biden could take action for or against the deal.

Japanese Prime Minister Shigeru Ishiba sent a letter to Biden asking the US government to approve the deal. Biden was adamantly opposed to the deal, vowing to oppose it.