Former President Donald Trump has indicated his support for Nippon Steel’s proposed acquisition of United States Steel Corporation (US Steel). This represents a significant shift in tone from earlier concerns raised by some politicians and labor unions regarding the deal.

Trump’s backing comes after the announcement of the $14.9 billion acquisition, which has faced scrutiny from various quarters including national security experts and union representatives, who expressed worries about job losses and foreign control of a key American industry.

The former President’s support is rooted in his belief that the acquisition will benefit the American economy and potentially strengthen the US steel industry, which aligns with his ‘America First’ economic policies.

Trump described the arrangement as a ‘partnership’ and expressed optimism about its positive impact on American jobs and economic growth, suggesting a belief that the deal would bring investment and development.

His endorsement has potentially altered the political landscape surrounding the deal, which is currently undergoing regulatory review by the Committee on Foreign Investment in the United States (CFIUS).

CFIUS is responsible for evaluating the national security implications of foreign investments in US companies.

The United Steelworkers union, however, has voiced strong reservations, urging the Biden administration to block the deal. They cite concerns about job security and the potential for lower wages.

The Biden administration has not yet publicly stated its position on the matter.

The future of the acquisition hinges on the outcome of the regulatory review and the evolving political dynamics. The acquisition’s approval depends on the assessment of its potential impact on national security, jobs, and the broader economic landscape.