Trump is considering allowing Nippon Steel to acquire US Steel – report

Joe Biden rejecting the Nippon Steel bid for US Steel based on ‘national security’ concerns marks one of the low points of his Presidency.

It was a non-sensical decision at the same time as the administration was paying foreign companies to build and own chip fabs in the USA.

Trump also spoke out against it, saying he would block it repeatedly.

“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,” he wrote in December.

Naturally, Trump is now in deal-making mode and it appears to be on the table.

CBS reports that he’s considering allowing the sale, citing multiple sources.

“Approval of the transaction isn’t definite, and Mr. Trump has not made a final decision,” the report says.

Trump is meeting with Japanese PM Ishida today and US Steel was undoubtedly on the agenda.

Shares of US Steel rose 2% today but are still trading well below the $55 deal price.

This article was written by Adam Button at www.forexlive.com.