December 5, 2024 - President-elect Donald Trump reiterated Tuesday his opposition to Japanese steelmaker Nippon Steel's purchase of US Steel.

"I am totally against the once great and powerful US Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump posted to his Truth Social account.

Trump added that by using tax incentives and tariffs he would make US Steel "strong and great again".

Trump did not specify the tax incentives and tariffs he would impose. The president-elect has threatened 25pc tariffs against Canada and Mexico and to impose 20pc tariffs on all imports into the US.

The proposed sale of US Steel has faced contention ever since its competitor Cleveland-Cliffs made an unsolicited bid for US Steel in August 2023. US Steel went with Nippon's $15bn takeover bid in December of that year, which has since been opposed by the United Steel Workers (USW) union, politicians, and Cliffs.

The merger is currently under review by the Committee on Foreign Investment in the United States (CFIUS), before it goes to the president for a final decision. President Joe Biden, who has publicly said he would block the deal, may have the opportunity to make the final decision on the transaction before his term is up in January. If Biden makes a decision to allow the transaction to go through, it is unclear what, if any, recourse Trump would have with regards to the deal when he assumes office on 20 January.

The US currently has 25pc Section 232 national security tariffs levied against steel imports from much of the world, a policy that Trump began in March 2018 during his first term. Since then both Trump and Biden allowed a number of countries and regions to be excluded from the 232 tariffs.

The Steel Manufacturers Association (SMA), which represents the majority of US steel producers, on Monday called on Trump to remove most 232 exclusions and reimpose the 25pc tariffs on steel from Mexico.