Trump leaves US Steel deal details up in the air, but raises steel tariffs

President Trump spoke for more than an hour on Friday at a U.S. Steel facility in Pennsylvania, but never explicitly said if he's approved a deal whereby Japan's Nippon Steel would acquire U.S. Steel for $14.9 billion.Why it matters: This prolongs a 16-month saga that included lawsuits, intra-union dissension, conflict between geopolitical allies, and literal shouting.Trump did, however, announce plans to increase tariffs on steel imports to 50% from 25%.Zoom in: Trump repeatedly referred to a planned "partnership" between Nippon and U.S. Steel, without explaining what that would mean.Prior reporting suggests that it could mean the deal goes through, but with Nippon Steel pledging over $14 billion in new investments.U.S. Steel also would have an American CEO and an American majority on its board of directors, while the U.S. government would get a so-called "golden share" that would let it prevent actions deemed to be against the country's interests.Yes, but: It isn't yet clear how the board of a U.S. subsidiary could force Nippon to invest the money, were it to change its mind after the merger closes.Steelworkers union officials had warned that an earlier agreement would have allowed the Japanese company out of its investment commitment without cause.Catch up quick: Former president Biden blocked the merger on national security grounds, while Trump also opposed it during last year's campaign.What he's saying: Trump told the crowd in Pennsylvania that there's "a lot of money coming your way," and confirmed the $14 billion figure.Neither U.S. Steel nor Nippon Steel have issued any public statements on Friday about the merger.The United Steelworkers union said in a statement that it hasn't participated in any discussions with the White House or either company, and doesn't know what the final arrangement includes.Go deeper: Why Trump needs Pittsburgh right now

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