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President Trump signs executive order allowing U.S. Steel partnership with Japan's Nippon Steel, with an $11 billion investment commitment.
The agreement brings the companies one step closer to completing the $14.3 billion sale of U.S. Steel that the companies agreed to in December 2023.
President Donald Trump has approved a partnership between US Steel and Nippon Steel, the companies said in a release on Friday.
Under its current terms, the deal would allow U.S. buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes.
Recent tariff hikes in the US on steel and aluminum have significantly impacted the stainless steel market, leading to price fluctuations and supply chain disruptions.
Donald Trump has promised to hike nearly all of his tariffs on foreign steel and aluminum to a punishing 50%.
Cars, cans and coffee tins are all poised to get more expensive, as 50 percent tariffs on steel and aluminum take effect.
Companies that import steel for their products will now pay higher costs as a result of President Trump’s latest increase in tariffs on foreign steel and aluminum.
On May 23, President Donald Trump announced that he would approve an investment from the Japanese company to U.S. Steel.
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