Trump backs Nippon Steel "partnership" with U.S. Steel

• U.S. Steel remains an icon of the American economy, albeit a diminished one, its legend indelibly tied to images of rising skyscrapers and bustling factories in the pre-war era.

Between the lines: It was not immediately clear what Trump meant by a "partnership," but Nippon had agreed to up its planned investment in U.S. Steel resources.

• "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 Truth Social.
• He said, without providing specifics, that the deal would create "at least 70,000 jobs" and add $14 billion to the economy. Nippon had offered to invest $14 billion into U.S. Steel if the deal was approved.
• "My Tariff Policies will ensure that Steel will once again be, forever, MADE IN AMERICA," Trump said, adding that he'll attend a "BIG Rally" on May 30 to in Pittsburgh.
• U.S. Steel shares rose more than 21% after the post.

Behind the scenes: The Committee on Foreign Investment in the United States — which is charged with assessing the threat of foreign deals for American assets — was set to deliver an opinion on the accord to Trump this week.

• CFIUS already completed a Nippon-U.S. Steel review under Biden, who blocked the deal, leading to an active lawsuit.

Zoom in: Representatives from U.S. Steel, Nippon, CFIUS and the White House did not immediately respond to requests for comment.

The bottom line: There's always been a strong argument that this merger doesn't pose much national security risk, as Japan is a strong U.S. ally, Axios' Dan Primack reported this week.