President Donald Trump on Friday announced a partnership between United States Steel and Japan’s Nippon Steel, shocking markets with an agreement he said would keep the once-iconic firm in the US but otherwise providing no specifics.He stopped short of explicitly endorsing Nippon Steel’s earlier proposed $14.1 billion takeover of US Steel, but shares of the company surged as much as 26% in late Friday trading – signalling optimism over the deal’s prospects. “I am proud to announce that, after much consideration and negotiation, US Steel will REMAIN in America, and keep its Headquarters in the Great City of Pittsburgh,” Trump said on his Truth Social platform. While steel workers, investors and others have long been waiting for a US decision on the company’s future, it was not clear if the President has endorsed a takeover. Trump said that the partnership would create at least 70,000 jobs and add $14 billion to the US economy. About 85,000 people now work in US steel mills, according to the Bureau of Labor Statistics.‘It’s okay to go to India’The President Trump has said it is ‘okay’ for Apple to go to India to build its plants, but then the tech company will not be able to sell its products in America without tariffs.Trump’s remarks came as he signed multiple executive orders in the Oval Office to boost US nuclear power.“…But I had an understanding with Tim (Cook) that he wouldn’t be doing this. He said he’s going to India to build plants. I said, ‘That’s okay to go to India, but you’re not going to sell into here without tariffs.’ And that’s the way it is,” Trump said on Friday. The President signed orders meant to accelerate the construction of nuclear power plants, including small, untested designs that offer the promise of rapid deployment but haven’t yet been built in the US.
