President-elect Donald Trump has vowed to block a $15 billion bid from Japanese company Nippon Steel to acquire U.S. Steel, a deal that has faced widespread political opposition. Trump, along with President Joe Biden and Vice President Kamala Harris, believes that U.S. Steel should remain American-owned. The deal is also opposed by the United Steelworkers union, although some employees support it. Nippon Steel argues that the acquisition would benefit both companies and argues that U.S. Steel would remain American-run, with no layoffs or plant closures as a result of the deal. Experts warn that the failure of this deal could help China maintain its dominance in the global steel market. Biden has allowed Nippon Steel to resubmit its filing for review to allay concerns about national security risks, with a deadline set for the end of the month. Trump has vowed to preserve U.S. Steel through tax incentives and tariffs to make it strong and great again. The deal has been politicized, and there are fears that this could impact American and international business interests. Trump’s opposition to the deal has been his first since winning the election.
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