BREAKING: Biden blocks sale of US Steel to Japanese firm—Trump also opposes the deal

"It is my solemn responsibility as president to ensure that, now and long into the future, America has a strong domestically owned and operated steel industry that can continue to power our natural sources of strength at home and abroad," Biden said Friday. "And it is a fulfillment of that responsibility to block foreign ownership of this vital American company." 

The order read: "The proposed acquisition of U.S. Steel by the Purchasers (Proposed Transaction) is prohibited, and any substantially similar transaction between the Purchasers and U.S. Steel, whether effected directly or indirectly by the Purchasers, through the Purchasers’ shareholders or shareholders’ immediate, intermediate, or ultimate foreign person beneficial owners, or through the Purchasers’ partners, subsidiaries, or affiliates is also prohibited."

"I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump said on Truth earlier this month. "As President, I will block this deal from happening. Buyer Beware!!!" It is a rare moment where their fierce political opponents agree and that agreement is based in US national security. 

The New York Times and other outlets have indicated that this could make foreign investors rethink their plans on investing in the US. However, Trump's recent "open for business" message to foreign investors may have an impact on that. He recently said that anyone who invests a billion dollars into the US will get all permits necessary and clear all environmental hurdles no matter what. Trump also promised to bolster the steel company, founded in 1901, saying "Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST!"

After Trump's comments, Nippon Steel tried to reassure opponents of the deal, saying that the company is "determined to protect and grow US Steel in a manner that reinforces American industry, domestic supply chain resiliency and US national security."

"The proposed sale is bad for workers, our communities and the domestic industry — as well as our national security, critical infrastructure and domestic supply chains," the United Steelworkers union said while the deal was under review by the Committee on Foreign Investment in the U.S. over national security concerns. "We must continue to resist it." CFIUS did not make a recommendation, leaving the door open to Biden to oppose the plan. The Steelworkers endorsed Trump for president, saying Trump "saved the steel industry with tariffs."

Senator John Fetterman also opposes the deal, noting that the union members are split but leadership is against it. Fetterman's home is still across the street from US Steel's Edgar Thomson plant in Braddock. Fetterman doesn't seem to think Nippon Steel has the interests of American steelworkers at heart. "They can’t create a narrative that there’s an uprising and everyone is all supporting this. Not one resident has approached me and [said] we got to make this happen. Not once," Fetterman said earlier this month.