Beijing issues landslide warning as record rainfall batters northern China
Beijing has issued a geological disaster alert for most of the city after intense rainfall triggered fears of landslides and flash floods. Nearby Baod...
President Donald Trump said Sunday that the United States will retain control over U.S. Steel as part of a controversial deal involving a $14 billion investment by Japan’s Nippon Steel, quelling concerns about foreign control of the iconic American company.
Speaking to reporters as he departed his New Jersey golf club, Trump emphasized, “It will be controlled by the United States, otherwise I wouldn’t make the deal.” He added that the arrangement includes partial ownership by Nippon but that final control will remain in American hands.
The clarification follows Friday’s announcement of the partnership, under which Nippon Steel will invest up to $4 billion in a new steel mill as part of the broader acquisition plan. Trump has touted the deal as a major boost for American manufacturing, predicting it would create 70,000 jobs nationwide.
The merger would form the world’s third-largest steel producer by volume, trailing only China’s Baowu Steel Group and ArcelorMittal, headquartered in Luxembourg, according to data from the World Steel Association.
While specifics of the new agreement have not been fully disclosed, investors believe the deal will mirror terms from a 2023 proposal, which included delisting U.S. Steel from public trading and compensating shareholders with a cash buyout.
Political and Economic Implications
The acquisition has been among the most closely watched industrial deals on Wall Street, not only for its size but for its political sensitivity. Critics, including labor unions and some lawmakers, have expressed concern that foreign control could result in job losses, particularly in Pennsylvania, where U.S. Steel is headquartered — a key battleground state in the 2024 and upcoming 2028 presidential elections.
Trump, facing increasing pressure from industrial-state lawmakers, appears to be positioning the deal as a strategic investment, not a takeover. “It’s an investment and it’s a partial ownership,” he said, “but it will be controlled by the USA.”
The statement is expected to ease opposition ahead of the deal’s formal review, which will likely involve scrutiny from the Committee on Foreign Investment in the United States (CFIUS), the federal body responsible for evaluating national security risks related to foreign business deals.
As the steel industry navigates a shifting global market shaped by tariffs, reshoring trends, and geopolitical competition, the U.S.–Nippon partnership signals a major realignment — with Trump positioning it as a win for domestic control, jobs, and economic sovereignty.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
Beijing has issued a geological disaster alert for most of the city after intense rainfall triggered fears of landslides and flash floods. Nearby Baoding saw more than a year's worth of rain fall in just eight hours, displacing thousands and breaking historical records.
Australia has signed a long-term defence treaty with Britain to deepen cooperation on the AUKUS nuclear submarine initiative over the next 50 years, the government announced on Saturday.
Pakistani FM Ishaq Dar said that Pakistan and the United States are 'very close' to finalising a trade agreement, suggesting the deal could be reached within days. However, U.S. officials made no mention of a specific timeline following Dar’s meeting with Secretary of State Marco Rubio.
At a United Nations Security Council meeting on Friday, the United States called on China to stop supporting Russia’s military efforts in Ukraine, accusing Beijing of enabling Moscow’s aggression through the export of dual-use goods.
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