On December 3, 2024, President-elect Donald Trump announced his opposition to the acquisition of US Steel by Japan's Nippon Steel, a deal valued at $14.9 billion, including debt. Trump expressed his intent to block the sale, emphasizing his belief that US Steel should remain an American-owned and operated company.
US Steel has argued that the sale is crucial for securing investment in its Mon Valley plants in Pennsylvania, which face potential closure if the deal is not finalized. Nippon Steel had anticipated completing the acquisition before the end of the year, contingent on the current administration's approval.
Current President Joe Biden has also voiced opposition to the acquisition, stating that it is vital for US Steel to maintain its status as a domestically managed entity. The deal is currently under review by the Committee on Foreign Investment in the United States, led by Treasury Secretary Janet Yellen.
Meanwhile, Dawie Roodt, chief economist at the Efficient Group, commented on the implications of Trump's threats regarding tariffs and payment systems. He noted that while BRICS countries are advancing their own payment systems, the US dollar remains the dominant global reserve currency, and any attempts to undermine this status would have significant repercussions for both the US and South African economies.