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Trump to reiterate he will stop US Steel sale to Nippon
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Trump to reiterate he will stop US Steel sale to Nippon
Aug 19, 2024 12:46 PM

By Gram Slattery and David Shepardson

YORK, Pennsylvania, Aug 19 (Reuters) - Republican

presidential candidate Donald Trump on Monday will reiterate he

would block Nippon Steel's ( NISTF ) planned purchase of U.S.

Steel and move to rescind Biden administration power plant

pollution rules.

Trump in February had signaled he would move to block the

deal. Trump will tell workers in York, Pennsylvania, that if

elected he "will stop Japan from buying U.S. Steel," according

to prepared remarks released by the campaign.

Shares in U.S. Steel had been lower and fell after Trump's

planned remarks were reported and were recently trading down

3.5%. President Joe Biden in March said it is vital for U.S.

Steel "to remain an American steel company that is domestically

owned and operated."

In April, the Environmental Protection Agency published

final rules targeting carbon, air and water pollution from power

plants that it says could cut over 1 billion metric tons of

greenhouse gas emissions by 2047. The electricity sector is

responsible for nearly a quarter of U.S. greenhouse gas

pollution, according to the EPA.

Trump will call the rule part of an "anti-American energy

crusade" that he would seek to repeal and "instead of shutting

down power plants, we will open dozens more." He also vowed to

prevent a transition to more electric vehicles that the Biden

administration has championed.

Trump will say in his remarks that he will "issue rapid

approvals for new energy infrastructure-and we will embrace all

forms of energy, including nuclear. To power our country into

the future, including the electricity demands of AI and

cryptocurrencies, we will make a historic commitment to bringing

'Advanced Small Modular Nuclear Reactors' online."

Trump also vowed to revoke China's most favored nation trade

status and seek legislation to make China or other countries pay

reciprocal tariffs if they imposed new tariffs. He also said he

would invoke the Defense Production Act to "quickly ramp up

capacity of essential products."

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