President Trump speaks during a joint press conference with Japanese Prime Minister Shigeru Ishiba following talks, in the East Room of the White House on Friday.
Mandel Ngan/AFP via Getty Images
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Mandel Ngan/AFP via Getty Images
President Trump delivered an update on U.S.-Japan relations during a press conference with Japanese Prime Minister Shigeru Ishiba at the White House on Friday, announcing that Nippon Steel would be investing “heavily” in U.S. steel rather than acquiring the storied American manufacturer.
The move is a shift from Nippon Steel’s initial pitch to acquire U.S. steel for $14.9 billion, which former President Joe Biden rejected while still in office. Trump also came out against the Japanese company’s offer during his presidential reelection bid.
“U.S. Steel is a very important company to us,” Trump said. “We didn’t want to see that leave – and it wouldn’t actually leave – but the concept, psychologically, not good. So they’ve agreed to invest heavily in U.S. Steel, as opposed to own it.”
On three occasions, Trump referred to Nippon Steel as “Nissan” and said that he would be meeting with the company’s leaders to work out the details of the agreement.
