Financial Association News, December 3rd (Editor Zhou Ziyi) United States President-elect Donald Trump reiterated on Monday, December 2nd, his plan to oppose Nippon Steel's acquisition of United States Steel, stating that a series of tax incentives and tariffs after taking office will once again strengthen the United States Steel company.

Trump wrote on his social media platform Truth Social, "I am totally against the once-powerful United States Steel company being acquired by a foreign company." The foreign company referred to here is specifically Japan Iron.

Trump wrote, "I will stop this deal from happening. Buyer beware!"

In December of last year, Japan Steel announced a $14.9 billion acquisition of United States Steel. As is customary, this transaction was subject to review by CFIUS. CFIUS is a cross-departmental government body led by the U.S. Treasury Department, primarily responsible for reviewing whether foreign investment transactions in the United States constitute a national security risk.

However, with this year's U.S. presidential election, the deal became a bargaining chip for the Democratic and Republican parties to compete for votes, thus facing unanimous opposition from both parties. As early as March this year, U.S. President Biden publicly spoke out against Japan Iron's acquisition of United States Steel company.

In order to salvage the transaction, Japan Steel has sent executives to the United States multiple times to lobby and has promised to make an additional $2.7 billion investment after the acquisition is completed. In addition, Japan Steel also promised that if the transaction is approved, it will establish a board of directors with a majority of American members for this company.

Possibly considering the impact of this move on the relationship between the U.S. and Japan alliance, President Biden, despite openly opposing it, has yet to take action.

In September, there was news that CFIUS approved the application from Japan Steel, insiders said CFIUS needs more time to understand the impact of this trade on the national security of the United States and engage with all parties. It is reported that the deadline for CFIUS review is this month, CFIUS may approve the trade, take measures to address national security concerns, advise the President to block the trade, or extend the review period.

Last month, Japanese Prime Minister Shigeru Ishiba wrote to US President Biden, requesting approval for Japan Steel's acquisition of a United States steel company. It is understood that Nippon Steel hopes to complete this trade before Trump re-enters the White House on January 20th.