President Donald Trump has said Nippon Japanese steel will be dropped to bid $ 14.9 billion ($ 12 billion) to acquire American steel.
Speaking with Japanese Prime Minister Shigeru Ishiba in the White House, Trump said Nippon would instead “invest strongly” in the company without taking a majority share.
The experience of the Japanese company to take on American steel based in Pennsylvania was previously blocked by President Joe Biden at national security sites.
Union members and Trump have repeatedly criticized a similar merger, which would create one of the largest steel companies in the world.
No details about the agreement were shared on the bilateral Friday and Nippon has long since highlighted its plans to invest in the company.
Trump – who mistakenly referred to the company as “Nissan” – said he would meet with Nippon's head next week to “mediate and arbitrate” the deal.
Faced with political pressure, the Biden administration blocks the purchase on the grounds that domestic property is important.
The Japanese government called Biden's decision “incomprehensible” Both Nipon and US steel eventually filed a case.
Most recently, Nippon claims that the purchase will be “in line” with Trump's focus on production, job creation and promoting investment in the US.
Prime Minister Ishiba was in Washington to cement relations with the main foreign partner in the country.
Both Japanese officials also said the main goal of the visit was to create personal relationships with Trump – who had a warm relationship with former Prime Minister Shinzo Abe during his first term.
The visit celebrates the first of the Asian leader to the White House, as the second Trump administration began in January.
He is the second of a foreign leader during the new administration after the journey of Israeli Prime Minister Benjamin Netanyahu earlier this week.
“He is very scary on television,” Ishiba told Trump reporters at a joint press conference on Friday.
“But when I met him, he was very sincere. And very powerful. And with a very strong will.”
During Trump's first term of 2017-21, he approached Shinzo Abe, binding on golf. Abe resigned in 2020 and was killed two years laterS
Japanese officials said Ishiba had made “every possible preparation” for his meeting with Trump, including to seek advice from the Abe widow – who attended the inauguration as a guest of Melania Trump – and his predecessor Fumio Kishida.
Ishiba also emphasized the role of Japan as the main economic partner for the United States and stressed that Japan has been the best foreign investor in the United States for five consecutive years.
Among the multinational companies, Japanese companies are the largest workplace creators in 10 states, and the second largest in six more.
In Kentucky alone, Japanese companies employ over 45,000 people, mainly in the production of automotive equipment.
Earlier during the day, Trump said that while tariffs against Japan can still be possible, he believes that the US trade deficit in the United States with Japan can be addressed and will be “very easy” for Japan.
“We have a fantastic relationship,” he said. I don't think we'll have a problem. They also want justice. “
Asked about the possibility of American tariffs – and counter -tariffs – Ishiba refused to provide details.
“I can't answer a theoretical question,” he said, laughing at Trump and journalists in the room. “This is the official answer we have.”
(S)With additional reporting by Natalie Sherman)