Biden promises to keep US Steel a ‘totally American company’ amid review of Japanese takeover plan

President Joe Biden speaks at a campaign event, Tuesday, April 16, 2024, in Scranton, Pa. Biden has begun three straight days of campaigning in Pennsylvania in his childhood hometown of Scranton. The Democratic president is using the working class city of roughly 75,000 as the backdrop for his pitch for higher taxes on the wealthy.

His administration is reviewing the proposed acquisition by Japan’s Nippon Steel. Biden said last month he would oppose the deal, saying it was “vital for it to remain an American steel company that is domestically owned and operated.” The current tariff rate is 7.5% for both steel and aluminum but could climb to 22.5%. Biden said he was asking his trade representative to raise the tariffs.

He was on a three-day Pennsylvania swing that began in his childhood hometown of Scranton on Tuesday and will include a visit to Philadelphia on Thursday. Meanwhile, U.S. Trade Representative Katherine Tai announced that her office, acting on a petition from five national labor unions, was investigating China for “targeting the maritime, logistics and shipbuilding sectors for dominance.”The administration has accused China of more broadly distorting markets and eroding competition by unfairly flooding the market with below-market-cost steel.

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