Latest news with #UnitedStatesSteelCorp.
Toronto Star
5 days ago
- Business
- Toronto Star
Trump to raise steel tariffs to 50% to help Nippon-U.S. steel deal
President Donald Trump said he would be increasing tariffs on steel to 50% from 25%, saying the move would help protect American steelworkers during a visit to a United States Steel Corp. plant on Friday. Trump was visiting the plant to champion an expected deal between United States Steel Corp. and Japan's Nippon Steel Corp. as one that would ensure the iconic American firm remains U.S.-owned and operated, even as details on the agreement remain vague. He said the new tariffs would benefit the new venture's US operations.
Yahoo
5 days ago
- Business
- Yahoo
Trump announces plans to increase tariffs on steel imports from 25% to 50%
President Donald Trump said on Friday that he planned to increase tariffs on steel from 25% to 50%. The increase will "even further secure the steel industry in the United States," Trump said. The president's sweeping tariff strategy remains in legal limbo. President Donald Trump on Friday announced plans to increase tariffs on steel imports from 25% to 50%. "We are going to be imposing a 25% increase," Trump said during a rally at a US Steel plant near Pittsburgh. "We're going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States. Nobody's going to get around that." Trump was visiting the plant in support of an expected deal between United States Steel Corp. and Japan's Nippon Steel Corp. Last week, Trump wrote on social media that the new partnership between the steel companies "will create at least 70,000 jobs, and add $14 Billion Dollars to the US Economy." Shortly before leaving office, former President Joe Biden had blocked the partnership for national security reasons. Trump had also initially opposed the sale of the US steel company to the Japanese entity back in September. "I believe that this group of people that just made this investment right now are very happy, because that means that nobody's going to be able to steal your industry," Trump added at the rally in support of the deal. Aiming to boost the domestic steel industry, Trump had previously imposed a 25% tariff on steel and aluminum imports, on top of automobile tariffs and a baseline 10% tariff on all imports. Real estate experts have told Business Insider that tariffs on steel would slow down all types of construction, exacerbate America's housing shortage, and drive up rent. Representatives for the White House did not immediately respond to a request for comment from Business Insider. Read the original article on Business Insider
The Mainichi
28-05-2025
- Business
- The Mainichi
US gov't eyes 'golden share' in US Steel amid Nippon Steel buyout
TOKYO (Kyodo) -- The U.S. government is considering acquiring a stake in United States Steel Corp. that would give it veto power over major decisions amid plans by Japan's Nippon Steel Corp. to acquire the U.S. steelmaker, sources familiar with the matter said Tuesday. Washington apparently sees getting a "golden share" in the U.S. steelmaker, providing special rights to block certain actions by Nippon Steel such as slashing production capacity, as a way to assuage concerns over national security risks. The Japanese steelmaker has been planning on making its U.S. counterpart a wholly owned subsidiary, but U.S. President Donald Trump has yet to reveal the size of the stake he would approve of. The golden share scheme may limit the autonomy of Nippon Steel. Trump on Sunday said U.S. Steel would remain under American control even after a partnership with Nippon Steel. "It's an investment and it's a partial ownership, but it will be controlled by the U.S.A.," he said. The remarks came after he ordered the Committee on Foreign Investment in the United States to conduct another review of the plans. The first, launched under the administration of former U.S. President Joe Biden after the Japanese and U.S. steel companies announced the deal in December 2023, failed to reach a consensus.
Kyodo News
28-05-2025
- Business
- Kyodo News
Kyodo News Digest: May 28, 2025
KYODO NEWS - 29 minutes ago - 10:00 | All, World, Japan The following is the latest list of selected news summaries by Kyodo News. ---------- U.S. gov't to have say in makeup of U.S. Steel board, senator reveals WASHINGTON - Nippon Steel Corp. has agreed to invest $14 billion in United States Steel Corp. and pledged to ensure most board members will come from the United States, a senator from Pennsylvania, where the American firm is headquartered, said Tuesday. As a condition for allowing the Japanese steelmaker to partner with U.S. Steel, Pennsylvania Sen. Dave McCormick told CNBC that the U.S. government is poised to receive a so-called golden share in the iconic but struggling American producer. ---------- Half of Japan's stockpiled rice sought by retailers under new scheme TOKYO - More than 30 companies have applied to purchase over half of the 300,000 tons of stockpiled rice Japan plans to release through direct sales contracts with major retailers, the farm ministry said Tuesday, just a day after launching a new scheme to curb elevated rice prices. Applicants, including supermarket giant Aeon Co., discount store chain Don Quijote, and e-commerce operator Rakuten Group Inc., will gain access to rice stockpiles produced in 2021 and 2022 at roughly half the price compared to the previous auction-based method. ---------- Japan ruling bloc accepts opposition demand over pension before poll TOKYO - Japan's ruling coalition on Tuesday formally accepted a revision to the government's proposed pension reform plan, agreeing to an opposition demand to facilitate smooth Diet deliberations ahead of a key national election this summer. The agreement came as the main opposition Constitutional Democratic Party of Japan threatened to submit a no-confidence motion against Prime Minister Shigeru Ishiba's Cabinet, with only a month remaining in the 150-day regular Diet session. ---------- U.S. gov't eyes "golden share" in U.S. Steel amid Nippon Steel buyout TOKYO - The U.S. government is considering acquiring a stake in United States Steel Corp. that would give it veto power over major decisions amid plans by Japan's Nippon Steel Corp. to acquire the U.S. steelmaker, sources familiar with the matter said Tuesday. Washington apparently sees getting a "golden share" in the U.S. steelmaker, providing special rights to block certain actions by Nippon Steel such as slashing production capacity, as a way to assuage concerns over national security risks. ---------- Japan calls on colleges to accept students in U.S. after Harvard ban TOKYO - The Japanese government on Tuesday called on domestic universities to consider temporarily accepting students enrolled at U.S. schools after Washington's move to bar foreign students from Harvard University. The move to support Japanese and other foreign students studying in the United States came after the University of Tokyo said the previous day it is considering accepting international students from Harvard if they are affected by the U.S. policy. ---------- Japan pledges backing for UNRWA to address Gaza humanitarian crisis TOKYO - Prime Minister Shigeru Ishiba said Tuesday Japan will support the U.N. agency in charge of assisting Palestinian refugees in its efforts to improve the dire humanitarian situation facing residents of the Gaza Strip. During a meeting at the prime minister's office, Ishiba and Philippe Lazzarini, commissioner-general of the U.N. Relief and Works Agency for Palestine Refugees in the Near East, or UNRWA, agreed to coordinate closely over extending assistance to refugees facing a "severe crisis," the Japanese government said. ---------- Japan, Iceland leaders agree to deepen ties to tackle climate change TOKYO - Japanese Prime Minister Shigeru Ishiba agreed with Icelandic President Halla Tomasdottir on Tuesday to advance their bilateral cooperation on climate change, issues related to the Arctic as well as security, his government said. The two affirmed in a meeting in Tokyo that their governments will explore potential future collaboration on geothermal power generation, saying the technology contributes to "achieving carbon neutrality," according to a press release. The Nordic country is known for its advanced efforts in harnessing geothermal energy. ---------- ASEAN leaders urge dialogue, extension of cease-fire in Myanmar KUALA LUMPUR - Southeast Asian leaders on Tuesday urged all parties in war-torn Myanmar to immediately halt violence against civilians and extend the cease-fire declared following a powerful earthquake in March as a step toward establishing an inclusive national dialogue to resolve the crisis. In a joint statement on Myanmar issued by the Association of Southeast Asian Nations following their summit in Kuala Lumpur, the leaders expressed deep concern over the "escalation of conflicts" and the "deteriorating humanitarian situation" in the country. Video: Italian fashion brands showcased at Italy Pavilion at Osaka Expo
Japan Today
27-05-2025
- Business
- Japan Today
U.S. gov't wants veto power over major decisions in U.S. Steel-Nippon Steel deal
The United States Steel logo is pictured outside the headquarters building in downtown Pittsburgh. The U.S. government is considering acquiring a stake in United States Steel Corp. that would give it veto power over major decisions amid plans by Japan's Nippon Steel Corp. to acquire the U.S. steelmaker, sources familiar with the matter said Tuesday. Washington apparently sees getting a "golden share" in the U.S. steelmaker, providing special rights to block certain actions by Nippon Steel such as slashing production capacity, as a way to assuage concerns over national security risks. The Japanese steelmaker has been planning on making its U.S. counterpart a wholly owned subsidiary, but U.S. President Donald Trump has yet to reveal the size of the stake he would approve of. The golden share scheme may limit the autonomy of Nippon Steel. Trump on Sunday said U.S. Steel would remain under American control even after a partnership with Nippon Steel. "It's an investment and it's a partial ownership, but it will be controlled by the U.S.A.," he said. The remarks came after he ordered the Committee on Foreign Investment in the United States to conduct another review of the plans. The first, launched under the administration of former U.S. President Joe Biden after the Japanese and U.S. steel companies announced the deal in December 2023, failed to reach a consensus. © KYODO
