President Trump has opposed Nippon Steel's proposed acquisition of U.S. Steel since almost the moment it was announced. He also is fixated on signing deals that include large foreign direct investment commitments.

• We're about to learn which force is stronger.

Driving the news: Nippon has offered to invest around $14 billion into U.S. Steel if the acquisition is approved, including the building of a new steel mill, as reported by Reuters and confirmed by Axios.

• This is up from an initial $1.4 billion investment pledge and revised $2.7 billion offer, and nearly rivals the acquisition's $14.9 billion price-tag.
• A source familiar with the situation says that the increase resulted from direct negotiations with the White House.

Behind the scenes: Tomorrow is the deadline CFIUS to complete its national security review of the merger, but this is anything but a normal CFIUS process.

• For starters, CFIUS already completed a Nippon-U.S. Steel review under former President Biden, who blocked the deal — leading to an active lawsuit.
• Second, CFIUS typically either approves a transaction or confidentially suggests to the President that it be blocked. In this case, CFIUS is expected to essentially provide Trump with all the relevant information — including the new investment promises — but not a recommendation.
• Moreover, it appears that Commerce, not Treasury, has been leading many of the discussions.

State of play: Trump would have until June 5 to make his determination, while the companies currently have June 18 as their closing date.

• But neither are set in stone, given how casually Trump has treated the TikTok divestiture deadline and the companies' past willingness to extend their own deadlines.
• There's also the added complication of tariff negotiations between the U.S. and Japan.

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.

• At the same time, however, national security and economic incentives are supposed to be distinct lanes. If it appears that a foreign companies can essentially spend their way to CFIUS sign-offs, then it would be a brave new world for M&A.

Pfizer (NYSE: PFE) signed a cancer drug licensing deal with Chinese biotech 3SBio (HK: 1530) that includes a $1.25 billion upfront payment and $4.8 billion in potential earnouts. Pfizer also plans to invest $100 million for an equity stake.

Why it's the BFD: This highlights how globalization is still finding a way in pharma, despite trade tensions that threaten to fracture the market.

• There even were worries expressed during a recent Axios Pro event that there eventually could be U.S. tariffs on Chinese drug IP.

Zoom in: Pfizer would get ex-China rights to a bispecific drug candidate for treating colorectal, ovarian and non-small cell lung cancers. It's expected to begin Phase III trials this year in China.

The bottom line: "Interest in PD-1/L1xVEGF bispecifics has been high since Summit and Akeso's ivonescimab beat Merck's megablockbuster Keytruda in a head-to-head trial. Since then, Merck has paid $588 million to join the race and BioNTech has handed over $800 million to secure full rights to a candidate it previously picked up through an ex-China deal." — Nick Paul Taylor, Fierce Biotech

• Awardco, a Salt Lake City-based employee rewards and recognition company, raised $165m in Series B funding at a valuation north of $1b. Sixth Street Growth and Spectrum Equity were joined by insiders General Catalyst and Ryan Smith. axios.link/4j8AiVL

• Ascendx Cloud, a London-based CRM startup, raised £45m in equity funding co-led by Osprey Investors and Columbia Lake Partners. axios.link/4356TH5

⚡️The Nuclear Co., a Lexington, Ky.-based nuclear energy developer, raised $51.3m in Series A funding. Eclipse led, joined by CIV, Goldcrest Capital, MCJ Collective, True Ventures, and Wonder Ventures. axios.link/3YUeZ2V

🌍 Novisto, a Canadian provider of sustainability reporting software, raised US$27m in Series C funding. Inovia Capital led, joined by insiders White Star Capital, SCOR Ventures, and Sagard. axios.link/4mkiytj

🚑 Dazos, a Boca Raton, Fla.-based software platform for behavioral health providers, raised $25m in Series A funding led by Radian Capital. axios.link/3S9LYMX

• Miter, an SF-based provider of human capital management software for construction and field services, raised $23m co-led by insiders Bessemer Venture Partners and Coatue. miter.com

• FanBasis, a monetization and management platform for digital creators, raised $20m in Series A funding led by Left Lane Capital. fanbasis.com

⚡️Wi-Charge, an Israeli wireless power provider, raised $20m in Series C funding led by Standard Investments. axios.link/3Zt4DHl

• Graphiant, a San Jose, Calif.-based data network services provider, raised $19m co-led by Aramco's Wa'ed Ventures and Saudi Telecom's Tali Ventures. axios.link/4mCTm1k

• Catena Labs, an "AI-native financial institution," raised $18m. A16z led, joined by Breyer Capital, Circle Ventures, Coinbase Ventures, CoinFund, Pillar VC, and Stanford Engineering VF. catenalabs.com

• Affiniti, a provider of expense management software for small businesses, raised $17m in Series A funding led by SignalFire, with insiders Indicator Ventures, RiverPark, and Lightshed Ventures participating. axios.link/4duLj2m

• Sylndr, an Egyptian auto financing startup, raised $15.7m led by Development Partners International. axios.link/3SaoYNR

• Thndr, an Egyptian retail investment platform, raised $15.7m led by Prosus Ventures, with participation from BECO Capital, JIMCO Capital, Endeavor Catalyst, and Y Combinator. axios.link/4mnBgjH

⚡️SparkCharge, a Somerville, Mass.-based EV charging startup, raised $15.5m in Series A1 funding. Monte's Fam led, joined by Cleveland Avenue, Collab Capital, Elemental Impact, MarcyPen, and Non-sibi Ventures. axios.link/4jdtYMu

• TrustCloud, a Boston-based AI platform for GRC, raised $15m. ServiceNow Ventures led, joined by Cisco Investments, Presidio Ventures, OpenView Venture Partners, and Tola Capital. trustcloud.ai

🚑 Biostate AI, an RNA research startup, raised $12m in Series A funding, per Axios Pro. Accel led, joined by Gaingels, Mana Ventures, InfoEdge Ventures, Matter Venture Partners, Vision Plus Capital and Catapult Ventures. axios.link/3Fj0Vcu

⚡️LIS Technologies, an Oak Ridge, Tenn.-based laser tech developer, raised $11.9m from Innovating Capital. axios.link/4dz53ly

• Mura, an AI platform for commercial field service operations, raised $6m in seed funding co-led by Level One Fund and Lerer Hippeau. axios.link/3GWPKH8

• Theo Ai, a Palo Alto, Calif.-based prediction platform for litigation, raised $4.2m in seed funding co-led by NextView Ventures and Collide Capital. axios.link/4k25neL

• Ardurra Group, a Littlejohn & Co. portfolio company, acquired Knoxville, Tenn.-based civil engineering firm Cannon & Cannon. ardurra.com

• Ares acquired a majority stake in Landscape Workshop, a Birmingham, Ala.-based provider of grounds maintenance for commercial properties. landscapeworkshop.com

• Authentic Brands Group agreed to buy the Dockers brand from Levi Strauss (NYSE: LEVI) for $311m. ABG backers include CVC Capital Partners, General Atlantic, HPS Investment Partners, and Leonard Green & Partners. axios.link/4kn8MEJ

• Boomi, a business software firm owned by Francisco Partners and TPG, agreed to acquire Thru, a provider of managed file transfer solutions. axios.link/4klHXl3

• KAG Canada, backed by OMERS Private Equity, acquired Canadian milk transporter Fisher Transport. axios.link/3SOZ7Ln

• Nearmap, a Thoma Bravo portfolio company, agreed to buy ITEL Laboratories, a Jacksonville, Fla.-based provider of data and analytics to P&C insurers, from GTCR. itelinc.com

• SEVA Growth invested in Teleskope, a Las Vegas-based employee experience platform. teleskope.io

• Shermco Industries, an Irving, Texas-based Gryphon Investors portfolio company, acquired R3L Engineering, a Parrish, Ala.-based electrical engineering firm. shermco.com.

• Tigertail Capital Partners invested in Blue Ridge Global, an Atlanta-based supply chain planning company. blueridgeglobal.com

•Tikehau Capital acquired EYSA, a Spanish provider of car-parking management software. eysaservicios.com

Editor's note: This section has been corrected to reflect that Teleskope is now based in Las Vegas.

Circle Financial's upcoming IPO got a big boost last night, when the U.S. Senate passed a procedural vote that should let stablecoin legislation move forward.

• Lightwave Acquisition, a tech SPAC led by Robert Bennett (First Lexington), filed for a $150m IPO. axios.link/3ZsXJlt

• Blackstone is seeking to sell trade show operator Clarion Events, per Reuters. axios.link/4dq2FNV

⚡️ Five Point Infrastructure hired Piper Sandler to find a buyer for Northwind Midstream, a Permian Basin gas infrastructure operator that could fetch $2b (including debt), per Reuters. axios.link/4k6f5wW

• Chesnara (LSE: CSN) is weighing a bid for HSBC's (LSE: HSBA) U.K. life insurance unit, per Bloomberg. axios.link/43B6pZr

• Paramount Group (NYSE: PRGE), a U.S. landlord with more than a $2b market cap, said it's exploring strategic alternatives that could include a sale. axios.link/4dpFKlO

• Victoria's Secret (NYSE: VSCO) adopted a poison pill to thrwart shareholder BBRC International from acquiring a control stake in the retailer. axios.link/4jXTKFP

• Creator Ventures raised $45m for its second fund. axios.link/3H4fgtU

• Eagle Merchant Partners, an Atlanta-based PE firm, raised $415m for its second fund. eaglemerchantpartners.com

• Factorial Funds, a Menlo Park, Calif.-based VC firm, raised $200m for its second institutional fund, with Hyundai Motor and Kia Corp. as anchor LPs. factorialfunds.com

• Headline Asia raised $145m for its fifth VC fund. axios.link/4jh8IFR

• Lunar Ventures, a German deep-tech VC firm, raised €50m for its second fund. lunar.vc

⚡️Jeff Eaton joined Five Point Infrastructure as a partner. He previously was with placement firm Eaton Partners. axios.link/3Zl1KIv

• Ailyn Fun joined Altamont Capital Partners as a director and head of IR. She previously was with Altaris. axios.link/4jagBN0

• Dash Dhanak joined JPMorgan Life Sciences Private Capital as a venture partner. He previously was chief scientific officer at Deciphera Pharmaceuticals. axios.link/3EYpgV6

• TSG Consumer Partners promoted Jessica Duran to COO, and said she'll continue to serve as CFO. axios.link/4jgvn59

Trader Joe's and Patagonia topped this year's Axios Harris Poll 100, which tracks reputations of the most visible brands in America.

• Full list and methodology here.