Investing.com– President-elect Donald Trump on Monday reiterated his plans to block a takeover of U.S. Steel (NYSE:X) by Japan’s Nippon Steel Corp (TYO:5401), while stating that tax incentives and tariffs will benefit the ailing U.S. steelmaker.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan. Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again,” Trump said in a social media post.
“As President, I will block this deal from happening. Buyer Beware!!!”
Trump had repeatedly criticized the deal, claiming that it will hurt U.S. workers. The President-elect has vowed to introduce tax breaks for U.S. companies, as well as tariffs on all imports to the country under his second administration.
Nippon Steel’s $15 billion takeover of U.S. Steel is currently under review by the Committee on Foreign Investment in the United States, with a decision expected later in December.
Recent reports showed that Nippon Steel was hoping to fast-track the deal before Trump takes office on January 20.
The takeover has garnered controversy on the potential national security concerns and compromises it could pose to the U.S. steel industry. Nippon Steel has made several pledges and guarantees to win regulatory approval.