Trump’s Friday Announcement Shocks America

President Trump delivered a speech lasting over an hour on Friday at a U.S. Steel facility in Pennsylvania, but he stopped short of confirming whether he has approved the proposed $14.9 billion acquisition of U.S. Steel by Japan’s Nippon Steel. His remarks left the status of the deal ambiguous, prolonging a contentious 16-month saga involving lawsuits, union disputes, tensions between allied nations, and even public outbursts.

During his address, Trump did announce plans to raise tariffs on steel imports from 25% to 50%, a move he framed as a protective measure for American industry. Throughout the speech, he referred to a potential “partnership” between U.S. Steel and Nippon Steel, though he offered no clear definition of what that term would entail in the context of the acquisition.

Previous reporting has indicated that a possible version of the deal might include over $14 billion in new investments from Nippon Steel, while maintaining an American CEO at the helm of U.S. Steel and ensuring a majority-American board of directors. Additionally, the U.S. government would reportedly hold a “golden share,” giving it veto power over decisions considered contrary to national interests. However, it remains uncertain how enforceable such provisions would be, particularly if Nippon were to alter its investment plans after the merger is finalized.

Steelworkers union leaders had previously raised red flags about an earlier draft of the agreement, warning that it would have allowed Nippon Steel to withdraw from its investment promises without consequence.

The merger was blocked last year by former President Biden on national security grounds, and Trump himself opposed the transaction during his campaign. Despite this, Trump told the crowd in Pennsylvania that “a lot of money is coming your way” and affirmed the $14 billion investment figure, leaving the door open to speculation about whether the deal is still alive in a modified form.

As of Friday, neither U.S. Steel nor Nippon Steel had released public statements about the current status of the acquisition. The United Steelworkers union also said it has not been involved in any recent discussions with the White House or either company, and remains in the dark about what, if any, final arrangement may be in place.