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New York Times
7 minutes ago
- New York Times
‘Golden Share' in U.S. Steel Gives Trump Extraordinary Control
To save its takeover of U.S. Steel, Japan's Nippon Steel agreed to an unusual arrangement, granting the White House a 'golden share' that gives the government an extraordinary amount of influence over a U.S. company. New details of the agreement show that the structure would give President Trump and his successors a permanent stake in U.S. Steel, significant sway over its board and veto power over a wide array of company actions, an arrangement that could change the nature of foreign investment in the United States. The terms of the arrangement were hammered out in meetings that went late into the night on Wednesday and Thursday, according to two people familiar with the details. Representatives from Nippon Steel — which had been trying to acquire the struggling U.S. Steel since December 2023, but had been blocked by the Biden administration over national security concerns — came around to Mr. Trump's desire to take a stake that would give the U.S. government significant control over the company's actions. Nippon had argued that this influence should expire — perhaps after three or four years, the duration of the Trump administration. But in the meetings, which were held at the Commerce Department, Trump officials led by Commerce Secretary Howard Lutnick insisted that the golden share should last in perpetuity, the two people said. Under the terms of the national security pact, which the companies said they signed Friday, the U.S. government would retain a single share of preferred stock, called class G — as in gold. And U.S. Steel's charter will list nearly a dozen activities the company cannot undertake without the approval of the American president or someone he designates in his stead. Want all of The Times? Subscribe.
Bloomberg
22 minutes ago
- Bloomberg
Bond Investors Look to Fed for Guidance on Timing of Rate Cuts
Treasuries investors whipsawed by President Donald Trump's trade and fiscal policies will this week glimpse the impact on the Federal Reserve's interest-rate policy. While Fed Chair Jerome Powell and his colleagues are set to keep their benchmark steady at the June 17-18 meeting, traders will scrutinize economic and interest-rate projections for insight into how policymakers may respond to the uncertainty.
Bloomberg
26 minutes ago
- Bloomberg
Fed on Hold Leaves Wall Street Asking What It Will Take to Cut Interest Rates
With Federal Reserve officials signaling an extended hold on interest rates, investors and economists will look to Chair Jerome Powell this week for clues on what might eventually prompt the central bank to make a move, and when. A fourth straight meeting without a cut could provoke another tirade from President Donald Trump. But policymakers have been clear: Before they can make a move they need the White House to resolve the big question marks around tariffs, immigration and taxes. Israel's attacks on Iranian nuclear sites have also introduced another element of uncertainty for the global economy.
