US President Donald Trump announced Friday that Japanese company Nippon Steel would drop its bid to purchase US Steel, a move seen as a victory for American industry.
Trump expressed confidence in the alliance between the US and Japan, saying it will continue to “flourish.” He also hinted at new tariffs on imports from countries with trade deficits, aligning with his campaign promise.
The US President defended Elon Musk and his Department of Government Efficiency, stating he has directed the billionaire to review spending in areas such as education and military spending.
A joint press conference with Japanese Prime Minister Shigeru Ishiba was also held, where Ishiba pledged to invest another $1 trillion in America.
Source: https://www.usnews.com/news/politics/articles/2025-02-07/trump-announces-nippon-steel-is-dropping-u-s-steel-acquisition-new-reciprocal-tariffs