President Trump Announces Nippon Deal to Keep US Steel in America, Doubles Tariffs to 50%

Sources familiar with the matter told CNBC’s David Faber that Nippon is expected to close its acquisition of U.S. Steel at $55 per share, the original offer the Japanese steelmaker made before President Joe Biden rejected the deal in January. Biden blocked Nippon’s proposed acquisition on national security grounds, arguing that it would jeopardize critical supply chains.

During Friday’s rally, President Trump announced an imminent 25% tariff increase on foreign steel entering the U.S., to 50% as a means to “further secure the steel industry in the United States.” Trump spoke in West Mifflin, Pennsylvania, following a “blockbuster deal” allowing Japan-based company Nippon Steel to invest in U.S. Steel, a Pittsburgh-based company.

During Trump’s speech at U.S. Steel's Irvin Works in West Mifflin, Pennsylvania, the president addressed the crowd, calling steelworkers the "heart and soul of U.S. Steel." He promised that the partnership with Nippon Steel would save 14,000 jobs and that there would be "no layoffs and no outsourcing whatsoever." The president also revealed that steelworkers will receive a $5,000 bonus for the partnership.