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Yahoo
6 days ago
- Business
- Yahoo
Trump hails US Steel-Nippon deal, says steelmaker will be 'controlled by the USA' -- but offers few details
President Donald Trump on Friday touted a "blockbuster agreement" between U.S. Steel and Japanese company Nippon Steel that he said would keep the iconic U.S. steelmaker in Pittsburgh -- though he previously opposed such a merger and offered few details on the specifics of the deal. Trump discussed the "partnership" between the two companies during a rally at the Irvin Works plant in Allegheny County on Friday evening -- flanked by steelworkers and big banners reading "American Jobs" and "The Golden Age." During the event, Trump also announced his plan to double a current 25% tariff on steel imports to 50%. Trump told the crowd Nippon would invest a total of $14 billion as part of the deal, with some $2.2 billion slotted to increase steel production in Pittsburgh's Mon Valley and another $7 billion to modernize steel mills, expand ore mines and build facilities in Indiana, Minnesota, Alabama and Arkansas. Trump emphasized that the U.S. Steel headquarters would stay in Pittsburgh, bringing in more jobs for Americans -- and even promised a $5,000 bonus for every U.S. Steel worker. "There will be no layoffs and no outsourcing whatsoever," Trump pledged. U.S. Steel would still be "controlled by the USA," Trump said, adding, "Otherwise, I wouldn't have done the deal." But he did not explicitly say how the ownership of the company would be structured. Despite hailing the agreement during the rally, Trump later told reporters that he hasn't seen the final details yet. "I have to approve the final deal with Nippon and we haven't seen that final deal yet," Trump told reporters on the tarmac following the Pittsburgh event. "But they've made a very big commitment, and it's a very big investment." In his remarks at the rally, the president said U.S. Steel will maintain all of its current operating blast furnaces at full capacity for a minimum of 10 years. "You're not going to have to worry about that," he said, predicting, "They're going to be here a lot longer than that." In his remarks at the rally, Trump portrayed himself as a skillful dealmaker, saying he rejected previous offers from Nippon before he said he realized they how much they wanted to invest in the U.S. "I have to tell you about Nippon," Trump said. "They kept asking me over and I kept rejecting it. 'No way, no way, no way.' And after about four times, I said, 'You know, these people really want to do a great thing. They ... really want it." Trump first announced the agreement on his conservative social media platform last week. He said it would create at least 70,000 jobs and add $14 billion to the American economy. The "investment," he wrote, would take place over the next 14 months. During the 2024 campaign, Trump pledged to block the Japanese steelmaker from purchasing U.S. Steel. As president-elect, he repeated that vow. "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," Trump wrote in a post to his conservative social media platform in early December. The Biden administration in January blocked the sale of U.S. Steel to Nippon Steel over national security concerns. The White House said at the time it was important to keep one of the largest steel producers in the nation an American-owned company. MORE: Biden blocks US Steel takeover by Japan-based Nippon The reaction was mixed. The president of the United Steelworkers union, which represents hundreds of thousands of workers, celebrated the move while local leaders expressed concern about U.S. Steel's future in southwestern Pennsylvania. Weeks after the inauguration, Trump met with U.S. Steel CEO David Burritt at the White House. In early April, he ordered a new national security review of Nippon Steel's proposed bid to acquire U.S. Steel. Leading up to Friday's rally, the White House had provided few details, other than those mentioned by Trump in his social media post, about the agreement. Peter Navarro, Trump's trade adviser, insisted on Thursday that U.S. Steel "owns" the company. "Nippon Steel is going to have some involvement but no control of the company," Navarro told reporters outside the White House, though he didn't take any more questions on the agreement. Nippon was seeking 100% ownership of U.S. Steel in talks with Trump, Nikkei Asia reported earlier this month. U.S. Steel issued a brief statement last week in which it said Trump "is a bold leader and businessman who knows how to get the best deal for America." "U. S. Steel will remain American, and we will grow bigger and stronger through a partnership with Nippon Steel that brings massive investment, new technologies and thousands of jobs over the next four years," the company said without sharing more specifics. Trump hails US Steel-Nippon deal, says steelmaker will be 'controlled by the USA' -- but offers few details originally appeared on
Reuters
19-05-2025
- Business
- Reuters
House bill would choke US solar investment, says top trade group
May 19 (Reuters) - Legislation advanced by Republicans in the U.S. House of Representatives last week could put 300 domestic solar and energy storage factories at risk and kill nearly 300,000 jobs, a top solar trade group warned on Monday. The analysis by the Solar Energy Industries Association comes amid a lobbying blitz aimed at convincing U.S. lawmakers to safeguard clean energy tax credits, which in the Republican plan would be phased out more quickly and face new restrictions on the use of Chinese-made components. "If this proposal becomes law, nearly 300 U.S. factories —mostly in red states — could close or never open, and we simply won't have the energy we need to power American innovation in AI and data centers," SEIA President Abigail Ross Hopper said in a statement. The proposed legislation targets key subsidies from former President Joe Biden's climate law, the Inflation Reduction Act, that support wind and solar power, hydrogen, and other climate-friendly technologies. Most of the solar and storage factories that benefit from the IRA tax credits are in Republican states that voted for President Donald Trump. The budget proposal would result in the loss of $220 billion in solar and storage investments by 2030, SEIA estimated. It would also cost 292,000 solar jobs, including 86,000 in manufacturing. Solar and storage, under existing policies, are expected to account for 73% of U.S. electric capacity additions between 2025 and 2030, making the sector critical to meeting soaring U.S. power demand. SEIA is urging Congress to revise the legislation, which still has several hurdles to clear before it can become law.
Times of Oman
15-05-2025
- Business
- Times of Oman
Trump secures USD 1.2 trillion US-Qatar deal spanning aviation, energy and technology
Washington DC: US President Donald Trump announced several agreements with Qatar valued at over USD 243.5 billion, alongside a broader economic exchange worth at least USD 1.2 trillion. Signed during a visit to Qatar, the deals include sectors from aviation and energy to defence and quantum technology. Highlighting a landmark Boeing-GE Aerospace sale to Qatar Airways--Boeing's largest-ever widebody order--the agreements are expected to support over 1 million US jobs and deepen strategic cooperation between Washington and Doha. The White House released a statement on Wednesday stating, "Today in Qatar, President Donald J. Trump signed an agreement with Qatar to generate an economic exchange worth at least USD 1.2 trillion. President Trump also announced economic deals totalling more than USD 243.5 billion between the United States and Qatar, including a historic sale of Boeing aircraft and GE Aerospace engines to Qatar Airways." The statement added, "The landmark deals celebrated today will drive innovation and prosperity for generations, bolster American manufacturing and technological leadership, and put America on the path to a new Golden Age. Allies like Qatar are partnering in the United States' success." Boeing and GE Aerospace secured a landmark order from Qatar Airways, a USD 96 billion agreement to acquire up to 210 American-made Boeing 787 Dreamliner and 777X aircraft powered by GE Aerospace engines. This is Boeing's largest-ever widebody order and largest-ever 787 order. This historic agreement will support 154,000 US jobs annually, totalling over 1 million jobs in the United States during the course of production and delivery of this deal. According to the White House, Qatar will invest up to USD 1 billion in state-of-the-art quantum technologies and workforce development provided by the Joint Venture, supporting US and Qatari jobs and leadership in this critical emerging technology. "Today's signings mark President Trump's intent to accelerate Qatar's defence investment in the US-Qatar security partnership--enhancing regional deterrence and benefiting the US industrial base. The defence deals secured today lock in Qatar's procurement of state-of-the-art military equipment from two leading US defence companies," the White House added. Raytheon, an RTX business, secured a USD 1 billion agreement for Qatar's acquisition of counter-drone capabilities, signed by the US and Qatari governments. This deal establishes Qatar as the first international customer for Raytheon's Fixed Site - Low, Slow, Small Unmanned Aerial System Integrated Defeat System (FS-LIDS), designed to counter unmanned aircraft. The deal directly supports high-skilled manufacturing and engineering jobs in the United States and reinforces America's leadership in innovative defence technologies. General Atomics secured a nearly USD 2 billion agreement for Qatar's acquisition of the MQ-9B remotely piloted aircraft system, signed by the US and Qatari governments. This deal will strengthen the US-Qatar bilateral relationship and provide the Qatari Armed Forces with the most advanced multi-mission remotely piloted aircraft in the world, powered by US products made in America. The United States and Qatar also signed a statement of intent to further strengthen their security partnership, outlining over USD 38 billion in potential investments, including support for burden-sharing at Al Udeid Air Base and future defence capabilities related to air defence and maritime security. The White House added, "These new agreements and instruments aim to drive the growth of the US-Qatar bilateral commercial relationship, create thousands of well-paying jobs, and open new trade and investment opportunities for both countries over the coming decade and beyond." The US president is on a four-day trip to the Gulf, during which he first visited Saudi Arabia, which was also the venue for his first state visit during his first term in office between 2016 and 2020. His last stop would be the UAE.
Daily Mail
15-05-2025
- Business
- Daily Mail
McDonald's to hire 375,000 as it rolls out 900 new US restaurants
McDonald's will hire 375,000 Americans this summer, it's biggest jobs push since 2020. The fast food chain outlined the plans this week in Ohio at an event attended by President Donald Trump's Labor Secretary Lori Chavez-DeRemer. The hiring wave will span McDonald's more than 13,000 US locations and comes as the chain prepares to open 900 new restaurants by the end of 2027. 'McDonald's is sparking a ripple effect of prosperity for our workers, communities and the economy,' DeRemer said. 'By expanding their workforce, the corporation will be driving investment and setting the standard for industry growth, whether as a launch pad for a different career or as a ladder for internal achievements.' The company is already one of the nation's largest employers, with roughly one in eight Americans having worked under the Golden Arches at some point. 'If you wear a uniform on the front lines of McDonald's restaurants, you gain a level of professionalism you might not elsewhere,' said McDonald's US president Joe Erlinger. The news comes after warnings that tariffs might cause Big Macs to get dearer. Besides the employment increase, McDonald's and Chavez-DeRemer celebrated the 10 year anniversary of the company's Archways to Opportunity' program. The program is designed to provide tuition assistance to employees and help them achieve education goals. It has helped over 90,000 employees and invested over $240 million into the program since its launch. The US Labor Secretary expressed her joy for the program and explained how it helps in ensuring a successful workforce. 'Opportunities to upscale the American workforce are more widespread and accessible, which gives their strong team of 800,000 employees an incredible sense of economic mobility,' she said. 'These initiatives are imperative for getting our workers ready to fill the jobs that President Trump is creating through policies that put the American worker first.' Chavez-DeRemer continued by revealing almost 500,000 jobs were created since Trump was reelected. 'Investments like the ones we're celebrating today add momentum to our job market and help create a more capable workforce to fill those new roles,' Chavez-DeRemer said. Trump has expressed his love for McDonald's multiple times, and even manned the drive-thru at a restaurant last year. However, it has suffered multiple hardships, including sales drops and a massive E Coli outbreak. The company's sales drops have worsened, and its 3.6 percent sales drop was its biggest loss since 2020. The plan to boost sales includes keeping its popular $5 Meal Deal going until December at least. The deal was one of the many offers that are part of the highly competitive value meal wars. Erlinger believes the overall hiring plan is a 'win-win' for the company as it can make it more competitive while 'positively impacting the economic and social conditions of the communities.'
