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| Trump says Nippon Steel will 'invest heavily' in US Steel | |
| (3 days later) | |
| Watch: Trump and Japanese PM meet at the White House | Watch: Trump and Japanese PM meet at the White House |
| President Donald Trump has said Japan's Nippon Steel will drop its $14.9bn (£12bn) bid to acquire US Steel. | President Donald Trump has said Japan's Nippon Steel will drop its $14.9bn (£12bn) bid to acquire US Steel. |
| Speaking alongside Japanese Prime Minister Shigeru Ishiba at the White House, Trump said Nippon would instead "invest heavily" in the company without taking a majority stake. | Speaking alongside Japanese Prime Minister Shigeru Ishiba at the White House, Trump said Nippon would instead "invest heavily" in the company without taking a majority stake. |
| The Japanese firm's attempted takeover of Pennsylvania-based US Steel was previously blocked by President Joe Biden on national security grounds. | The Japanese firm's attempted takeover of Pennsylvania-based US Steel was previously blocked by President Joe Biden on national security grounds. |
| Union members and Trump had repeatedly criticised such a merger, which would have created one of the biggest steel companies in the world. | Union members and Trump had repeatedly criticised such a merger, which would have created one of the biggest steel companies in the world. |
| No details of the agreement were shared at Friday's bilateral, and Nippon has long stressed its plans to invest in the company. | No details of the agreement were shared at Friday's bilateral, and Nippon has long stressed its plans to invest in the company. |
| Trump - who mistakenly referred to the firm as "Nissan" - said he would meet Nippon's head next week to "mediate and arbitrate" the deal. | Trump - who mistakenly referred to the firm as "Nissan" - said he would meet Nippon's head next week to "mediate and arbitrate" the deal. |
| Facing political pressure, the Biden administration blocked the purchase on the grounds that domestic ownership was important. | Facing political pressure, the Biden administration blocked the purchase on the grounds that domestic ownership was important. |
| The Japanese government had called Biden's decision "incomprehensible" and both Nippon and US Steel ultimately filed a lawsuit. | The Japanese government had called Biden's decision "incomprehensible" and both Nippon and US Steel ultimately filed a lawsuit. |
| More recently, Nippon has argued that the purchase would be "in line" with Trump's focus on manufacturing, job creation and promoting investment in the US. | More recently, Nippon has argued that the purchase would be "in line" with Trump's focus on manufacturing, job creation and promoting investment in the US. |
| Prime Minister Ishiba was in Washington to cement ties with the country's primary foreign partner. | Prime Minister Ishiba was in Washington to cement ties with the country's primary foreign partner. |
| Both US and Japanese officials said the main purpose of the visit, however, was to forge a personal relationship with Trump - who had a warm relationship with former premier Shinzo Abe during his first term. | Both US and Japanese officials said the main purpose of the visit, however, was to forge a personal relationship with Trump - who had a warm relationship with former premier Shinzo Abe during his first term. |
| The visit marks the first by an Asian leader to the White House since Trump's second administration began in January. | The visit marks the first by an Asian leader to the White House since Trump's second administration began in January. |
| It is the second by a foreign leader during the new administration, following Israeli Prime Minister Benjamin Netanyahu's trip earlier this week. | It is the second by a foreign leader during the new administration, following Israeli Prime Minister Benjamin Netanyahu's trip earlier this week. |
| "On television, he is very frightening," Ishiba told reporters of Trump at Friday's joint news conference. | "On television, he is very frightening," Ishiba told reporters of Trump at Friday's joint news conference. |
| "But when I met with him, he was very sincere. And very powerful. And of very strong will." | "But when I met with him, he was very sincere. And very powerful. And of very strong will." |
| Netanyahu gifts Trump a golden pager during US visit | Netanyahu gifts Trump a golden pager during US visit |
| Trump says Israel will hand over Gaza to US after fighting ends | Trump says Israel will hand over Gaza to US after fighting ends |
| 15 things Trump and his team did this week | 15 things Trump and his team did this week |
| During Trump's first term from 2017-21, he grew close to Shinzo Abe, bonding over golf. Abe resigned in 2020 and was assassinated two years later. | During Trump's first term from 2017-21, he grew close to Shinzo Abe, bonding over golf. Abe resigned in 2020 and was assassinated two years later. |
| Japanese officials said Ishiba made "every possible preparation" for his meeting with Trump, including seeking advice from Abe's widow - who attended the inauguration as a guest of Melania Trump - and from his predecessor, Fumio Kishida. | Japanese officials said Ishiba made "every possible preparation" for his meeting with Trump, including seeking advice from Abe's widow - who attended the inauguration as a guest of Melania Trump - and from his predecessor, Fumio Kishida. |
| Ishiba also underscored Japan's role as a major economic partner for the US, and highlighted that Japan has been the top foreign investor in the US for five consecutive years. | Ishiba also underscored Japan's role as a major economic partner for the US, and highlighted that Japan has been the top foreign investor in the US for five consecutive years. |
| Among multinational firms, Japanese companies are the largest job creators in 10 states and the second largest in another six. | Among multinational firms, Japanese companies are the largest job creators in 10 states and the second largest in another six. |
| In Kentucky alone, Japanese companies employ more than 45,000 people, primarily in auto equipment manufacturing. | In Kentucky alone, Japanese companies employ more than 45,000 people, primarily in auto equipment manufacturing. |
| Earlier in the day, Trump said that while tariffs against Japan could still be possible, he believes the $68bn US trade deficit with Japan can be addressed and would be "very easy" for Japan. | Earlier in the day, Trump said that while tariffs against Japan could still be possible, he believes the $68bn US trade deficit with Japan can be addressed and would be "very easy" for Japan. |
| "We have a fantastic relationship," he said. I don't think we'll have any problem. They want fairness also." | "We have a fantastic relationship," he said. I don't think we'll have any problem. They want fairness also." |
| Asked about the possibility of US tariffs - and counter-tariffs - Ishiba declined to provide details. | Asked about the possibility of US tariffs - and counter-tariffs - Ishiba declined to provide details. |
| "I am unable to respond to a theoretical question," he said, eliciting laughs from Trump and journalists in the room. "That's the official answer we have." | "I am unable to respond to a theoretical question," he said, eliciting laughs from Trump and journalists in the room. "That's the official answer we have." |
| (With additional reporting by Natalie Sherman) | (With additional reporting by Natalie Sherman) |