President Trump today threw his support behind what he called a "planned partnership" between U.S. Steel and Japan-based Nippon Steel, describing it as a job-creating deal.

Why it matters: The Biden administration had rejected Nippon's proposed acquisition of U.S. Steel under national security grounds — and Trump had also expressed opposition to an outright sale.

Between the lines: It was not immediately clear what Trump meant by a "partnership," but he said Nippon had agreed to invest $14 billion in the U.S. economy.

• "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.
• U.S. Steel shares rose more than 21%.

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 — reportedly delivered an opinion on the deal to Trump earlier this week.

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

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.

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President Trump's threat to Apple — build the iPhone for Americans in America, or else pay a new 25% tariff — risks massively increasing the price you pay for your phone, one way or another.

Why it matters: No one wants to pay two or three times more for a smartphone, and Apple experts doubt that a transition to U.S. manufacturing is even possible without years of investment and planning.

• A U.S.-made iPhone would cost about $3,500, Wedbush Securities analyst Dan Ives estimated.

The intrigue: Later Friday, Trump suggested the tariff would actually affect all cellphone companies that import into the U.S., as soon as next month.

• "It would be more, it would be also Samsung and anybody that makes that product, otherwise it wouldn't be fair," he told reporters in the Oval Office. "So anybody that makes that product and that'll start on, I guess, the end of June it'll come out."

Reality check: Just because Trump makes a threat on Truth Social doesn't mean it'll happen.

⚖️ The Justice Department agreed to allow Boeing to withdraw from an agreement to plead guilty to conspiracy to defraud the government in connection with two jet crashes. Instead, Boeing will pay more than $1.1 billion in fines, compensate families, make safety improvements and "admit to conspiracy to obstruct and impede" regulators. (Politico)

📉 Booz Allen Hamilton's stock plunged after the consultancy said it'll be hit hard by the federal government shedding contracts. The company plans to cut about 2,500 workers. (FT)

🇸🇪 Volvo Cars CEO Hakan Samuelsson said the automaker would need to pass along a significant portion of increased tariffs to consumers in the form of higher prices. The company may also have to limit imports of certain vehicles. (Reuters)

The owner of OnlyFans is in talks to sell the London-based social entertainment network, according to multiple reports.

• OnlyFans owner Leonid Radvinsky is pursuing an $8 billion valuation in talks with investment firm Forest Road Company, reported Reuters, Bloomberg and Variety.

What to watch for: Whether OnlyFans — which gets much of its traffic from pornographic videos — can "overcome risks associated with hosting adult content," Bloomberg reported.