President Donald Trump has signaled support for Japanese steel giant Nippon's bid to acquire U.S. Steel, reversing his earlier opposition during his campaign. The United Steelworkers union expressed dismay at this shift, viewing it as a betrayal of American workers. Trump's social media announcement, which celebrated a 'planned partnership' between the two companies, resulted in a significant spike in U.S. Steel's stock. Concerns have been raised about Nippon's history with trade law violations, and the union fears this merger might compromise American jobs.
"We cannot speculate about the details of the arrangement. But we remain concerned that Nippon, a foreign corporation, will further jeopardize American jobs and steel production."
"Trump's tweet was seen as 'tacit approval' of the $15 billion takeover deal, which comes after his campaign opposition and union's pleas to keep U.S. Steel American-owned."
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