ANOTHER VIEW | WALL STREET JOURNAL
The best that can be said about President Donald Trump's blessing of Nippon Steel's purchase of U.S. Steel is that it blocks Cleveland-Cliff s' political power play to buy U.S. Steel instead. The worst to be said is that the purchase has become another opening to make U.S.companies less competitive with higher tariff walls on foreign steel.
Trump recently held a rally in Pennsylvania to take credit for the Nippon Steel takeover he is finally approving. He announced a consolation prize to United Steelworkers boss David McCall, who had opposed the deal: Doubling steel tariff s to 50%.
The president boasted about Nippon Steel's commitment to invest $14 billion in U.S. Steel, including $2.2 billion in Pittsburgh's Mon Valley plant. But the Japanese compan