Associate Professor Jack Yoest was recently published in The Center Square, Franklin News Foundation.
The article argues that President Donald Trump should reconsider his opposition to Nippon Steel’s $21 billion bid to acquire U.S. Steel, despite his earlier support for a domestic buyer, Cleveland-Cliffs, during his 2024 campaign. Initially, Trump’s preference was rooted in national security concerns and preserving American jobs. However, recent developments—such as Cleveland-Cliffs' financial struggles, including thousands of layoffs and the indefinite closure of a West Virginia plant—suggest the company is not a viable buyer.
In contrast, Nippon Steel is financially strong and committed to investing billions in U.S. operations, including upgrading plants and providing bonuses to workers. The deal would also enhance U.S.-Japan trade relations, strengthen America's steel sector, and counterbalance China's influence.
The article urges Trump to adapt to these new realities, likening the needed pivot to Abraham Lincoln’s wartime leadership. Approving the Nippon deal would be a strategic and economic win that aligns with Trump's reputation as a savvy dealmaker.