Trump Changes Stance on Japan Steel and US Steel Trade Issue

BlockBeats News, May 24th, U.S. President Trump stated on the 23rd that U.S. Steel Corporation and Japanese Steel Corporation will establish a "planned partnership," with the Japanese company investing in U.S. steel, and the U.S. steel will continue to "stay in the U.S." Trump announced on that day that the headquarters of U.S. Steel will remain in Pittsburgh, Pennsylvania.

"This will be a planned partnership between U.S. Steel and Japanese Steel, and this collaboration will create at least 70,000 jobs and add $14 billion to the U.S. economy. Most of the investment will be completed within the next 14 months."

The UK's Financial Times reported that last week, the Japanese Steel company agreed to triple its investment in U.S. Steel as a final effort to persuade Trump to change his stance. Japanese Steel subsequently issued a statement saying that Trump's decision will be a significant turning point for the U.S. steel industry and even the entire U.S. manufacturing sector. (Xinhua News Agency)