Fact Check: Biden and Trump both vowed to block the Nippon Steel acquisition
What We Know
President Joe Biden recently blocked a $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, affirming his earlier commitment made during his presidential campaign to prevent the deal. Biden stated that maintaining a strong, domestically owned steel industry is vital for U.S. national security (AP News). His decision came after a review by the Committee on Foreign Investment in the United States (CFIUS), which did not reach a consensus on the potential national security risks of the deal (New York Times).
Former President Donald Trump also opposed the acquisition, having vowed on his Truth Social platform to block the deal and suggesting the use of tax incentives and tariffs to support U.S. Steel (AP News). This indicates that both political figures have expressed intentions to prevent the acquisition, albeit in different contexts and with varying motivations.
Analysis
The claim that both Biden and Trump vowed to block the Nippon Steel acquisition is partially true. Biden's actions are well-documented, as he officially blocked the acquisition based on national security concerns, emphasizing the importance of a domestically owned steel industry (AP News, New York Times). His statement reflects a commitment to protecting American interests, particularly in the industrial sector.
Trump's opposition, while noted, was more of a vow rather than an official action. His statements on social media indicate a desire to block the deal, but he did not take any formal steps to do so, as he was no longer in office when the decision was made (AP News). This difference in context raises questions about the effectiveness and implications of Trump's vow compared to Biden's decisive action.
Moreover, the reliability of the sources varies. The Associated Press and New York Times are reputable news organizations, providing well-researched and factual reporting (AP News, New York Times). However, Trump's statements on social media may lack the same level of scrutiny and should be viewed with caution regarding their impact and sincerity.
Conclusion
The verdict is Partially True. While both Biden and Trump expressed intentions to block the Nippon Steel acquisition, Biden's action was a formal decision grounded in national security, whereas Trump's opposition was a public vow without subsequent action. This distinction is crucial in evaluating the claim's accuracy.
Sources
- Biden blocks $14 billion acquisition of US Steel by Japan's Nippon ...
- Biden Blocks Takeover Bid of U.S. Steel by Japan's Nippon
- U.S. Steel, Nippon sue Biden administration over decision ...
- Nippon Steel finalizes $15 billion buyout of U.S. Steel after ...
- Biden blocks Japan's Nippon Steel from acquiring U.S. Steel
