U.S President Donald Trump formally approved Nippon Steel’s 5401.T fraught $14.9 billion bid for U.S. Steel X.N on Friday, capping a tumultuous 18-month effort by the companies, beset by union opposition and two national security reviews. Trump signed an executive order saying the tie-up could move forward if the companies signed an agreement with the…
Today’s news wrap includes updates on Donald Trump’s tariffs, foreign delegations India-Pakistan relations among others. Trump announced a steep hike in steel import tariffs—from 25% to 50%—aimed at safeguarding the American steel industry, while also reiterating his claim of averting a potential nuclear conflict between India and Pakistan during his tenure. Meanwhile, all-party delegation led…
American President Joe Biden on Friday declined the proposed acquisition of US Steel by Japan’s Nippon Steel, valued at approximately $15 billion, upholding his earlier pledge to prevent the takeover.“We need major US companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden stated.The…