Latest news with #CommerceDepartments
CNBC
10 hours ago
- Business
- CNBC
Trump now wields sweeping veto power over U.S. Steel. Here's how the 'golden share' works
President Donald Trump now personally holds sweeping veto power over U.S. Steel's decisions in key areas, according to an amended corporate charter filed with the Securities and Exchange Commission. U.S. Steel says Trump holds what the White House calls a "golden share" in the Pittsburgh-based company. The amended charter, however, does not reference future presidents. Instead, it says the veto power passes to the Treasury and Commerce Departments as representatives of the U.S. government after Trump leaves office, according to the SEC filing. Trump approved the controversial merger of U.S. Steel with Japan's Nippon Steel on June 13, after the companies signed a national security agreement with the U.S. and accepted the "golden share" arrangement. Trump opposed the deal in the runup to the 2024 president election. Trump's direct involvement in measures to address the government's national security concerns is unprecedented, said Stephen Heifetz, a lawyer who previously served on the Committee on Foreign Investment in the United States (CFIUS), the agency that reviewed the U.S.-Nippon deal. But it is also, arguably, all for appearances sake, Heifetz said. The Treasury and Commerce Departments, which will exercise the "golden share" after Trump leaves office, are arms of the executive and work for the U.S. president, Hefeitz said. "We have a golden share, which I control, or president controls," Trump told reporters at the White House on June 12. "Now I'm a little concerned, whoever the president might be, but that gives you total control." The golden share gives Trump, and later the Treasury and Commerce Departments, veto power over the following business decisions at U.S. Steel, according to the SEC filing: United Steelworkers International President David McCall said Trump, through the golden share, "has assumed a startling degree of personal power over a corporation." The White House didn't immediately respond to a CNBC request for comment. Trump avoided calling the deal between U.S. Steel and Nippon a merger or acquisition, describing it instead as a "partnership." But U.S. Steel is now a wholly owned subsidiary of Nippon Steel North America, and its shares stopped trading on the New York Stock Exchange on June 18 when the deal closed. U.S. Steel is scheduled to be formally delisted from the exchange on June 30.
Gulf News
05-05-2025
- Business
- Gulf News
Trump says ‘big progress' after talks with Japan on tariff deal
President Donald Trmp said negotiators made 'big progress' after a meeting with a Japanese delegation on Wednesday aimed at securing a deal that would avoid higher levies he has threatened against US trading partners. 'A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress,' Trump wrote in a post to his Truth Social network. Trump earlier in the day had said he would personally attend the talks, which were led by the US Treasury and Commerce Departments. Japan's economic revitalisation minister Ryosei Akazawa arrived in Washington to conduct the negotiations. Foreign capitals are racing to negotiate deals with the US to avert high import taxes Trump imposed — and then quickly paused — on about 60 trading partners. The negotiations with Japan are being closely watched, offering a test case for other nations uncertain over what concessions Trump will seek to extract in exchange for trade agreements. Treasury Secretary Scott Bessent has said Japan, a military ally, will likely be prioritised as the US deals with a flood of nations all looking to cut their own deals.
Japan Times
16-04-2025
- Business
- Japan Times
Trump cites ‘big progress' after talks with Japan on tariff deal
U.S. President Donald Trump said negotiators made "big progress' after a meeting with a Japanese delegation on Wednesday aimed at securing a deal that would avoid higher levies he has threatened against trading partners. "A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress,' Trump wrote in a post to his Truth Social network. Trump earlier in the day had said he would personally attend the talks, which were led by the U.S. Treasury and Commerce Departments. Japan's economic revitalization minister Ryosei Akazawa arrived in Washington to conduct the negotiations. Foreign capitals are racing to negotiate deals with the U.S. to avert high import taxes Trump imposed — and then quickly paused — on about 60 trading partners. The negotiations with Japan are being closely watched, offering a test case for other nations uncertain over what concessions Trump will seek to extract in exchange for trade agreements. Treasury Secretary Scott Bessent has said Japan, a military ally, will likely be prioritized as the U.S. deals with a flood of nations all looking to cut their own deals. Bessent has said he envisions reaching agreements with Japan and other military allies to develop a collective effort to apply economic pressure on China.
Chicago Tribune
07-03-2025
- Business
- Chicago Tribune
President Trump signs executive order to establish government bitcoin reserve
President Donald Trump signed an executive order Thursday establishing a government reserve of bitcoin, a key marker in the cryptocurrency's journey towards possible mainstream acceptance. Under Trump's new order, the U.S. government will retain the estimated 200,000 bitcoin it's already seized in criminal and civil proceedings, according to Trump's 'crypto czar' David Sacks. 'The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called 'digital gold,'' Sacks said on social media. The executive order calls for a 'full accounting' of the government's bitcoin holdings, which Sacks said have never been fully audited. He added that the U.S. government has previously sold off about 195,000 bitcoin over the last decade for $366 million. He said those bitcoins would be worth about $17 billion if the government hadn't sold them. Sacks said the order allows for the Treasury and Commerce Departments 'to develop budget-neutral strategies for acquiring additional bitcoin.' Once a skeptic who said a few years ago that bitcoin ' seems like a scam,' Trump has embraced digital currencies and leaned into his unofficial role as the ' crypto president ' in ways that can both help the crypto industry and enrich himself and his family. Wealthy players in the crypto industry, who felt unfairly targeted by the Biden administration, spent heavily to help Trump win last year's election. Establishing a bitcoin reserve was one of several crypto-related promises Trump made on the campaign trail last year. Trump is also pushing Congress to pass industry-friendly legislation, and under his administration the Securities and Exchange Commission has started dropping enforcement actions it had taken against some major crypto companies. On Friday, Trump is set to host many key industry leaders at a White House 'Crypto Summit.' Bitcoin is the oldest and most popular cryptocurrency. Created in response to the 2008 financial crisis by an anonymous person or persons, bitcoin has blossomed from an experiment by libertarian cryptography enthusiasts into an asset with a market cap of about $1.7 trillion. While it hasn't taken off as a way to pay for everyday things, bitcoin has found popularity as a store of value that's not controlled by banks, governments or other powerful entities. Bitcoin's supply is capped at 21 million coins, a built-in scarcity that supporters say makes it a great hedge against inflation. Critics have long said bitcoin lacks any inherent value, but it's so far defied naysayers with remarkable price increases. Some supporters of a strategic bitcoin reserve said it could one day help pay off the U.S. national debt. Crypto prices soared after Trump's victory last year, and when the price of bitcoin first crossed $100,000 in early December, Trump took credit and posted 'YOU'RE WELCOME!!!' on social media. But prices have since cooled off. Trump's executive order did not equate to an immediate price spike for bitcoin, which was trading around $86,000 shortly after his announcement. The executive order also creates a 'U.S. Digital Asset Stockpile,' where the government will hold seized cryptocurrencies other than bitcoin. On Sunday, Trump sent crypto prices on a short-lived surge after a surprise announcement that he wanted the government to hold lesser-known cryptocurrencies XRP, solana and cardano.
The Independent
07-03-2025
- Business
- The Independent
Trump signs executive order to establish government bitcoin reserve
President Donald Trump signed an executive order Thursday establishing a government reserve of bitcoin, a key marker in the cryptocurrency's journey towards possible mainstream acceptance. Under Trump's new order, the U.S. government will retain the estimated 200,000 bitcoin it's already seized in criminal and civil proceedings, according to Trump's 'crypto czar' David Sacks. 'The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called 'digital gold,'' Sacks said on social media. The executive order calls for a 'full accounting' of the government's bitcoin holdings, which Sacks said have never been fully audited. He added that the U.S. government has previously sold off about 195,000 bitcoin over the last decade for $366 million. He said those bitcoins would be worth about $17 billion if the government hadn't sold them. Sacks said the order allows for the Treasury and Commerce Departments 'to develop budget-neutral strategies for acquiring additional bitcoin.' Once a skeptic who said a few years ago that bitcoin ' seems like a scam,' Trump has embraced digital currencies and leaned into his unofficial role as the ' crypto president ' in ways that can both help the crypto industry and enrich himself and his family. Wealthy players in the crypto industry, who felt unfairly targeted by the Biden administration, spent heavily to help Trump win last year's election. Establishing a bitcoin reserve was one of several crypto-related promises Trump made on the campaign trail last year. Trump is also pushing Congress to pass industry-friendly legislation, and under his administration the Securities and Exchange Commission has started dropping enforcement actions it had taken against some major crypto companies. On Friday, Trump is set to host many key industry leaders at a White House 'Crypto Summit.' Bitcoin is the oldest and most popular cryptocurrency. Created in response to the 2008 financial crisis by an anonymous person or persons, bitcoin has blossomed from an experiment by libertarian cryptography enthusiasts into an asset with a market cap of about $1.7 trillion. While it hasn't taken off as a way to pay for everyday things, bitcoin has found popularity as a store of value that's not controlled by banks, governments or other powerful entities. Bitcoin's supply is capped at 21 million coins, a built-in scarcity that supporters say makes it a great hedge against inflation. Critics have long said bitcoin lacks any inherent value, but it's so far defied naysayers with remarkable price increases. Some supporters of a strategic bitcoin reserve said it could one day help pay off the U.S. national debt. Crypto prices soared after Trump's victory last year, and when the price of bitcoin first crossed $100,000 in early December, Trump took credit and posted 'YOU'RE WELCOME!!!' on social media. But prices have since cooled off. Trump's executive order did not equate to an immediate price spike for bitcoin, which was trading around $86,000 shortly after his announcement. The executive order also creates a 'U.S. Digital Asset Stockpile,' where the government will hold seized cryptocurrencies other than bitcoin. On Sunday, Trump sent crypto prices on a short-lived surge after a surprise announcement that he wanted the government to hold lesser-known cryptocurrencies XRP, solana and cardano.
