Japan’s Prime Minister Criticizes US Block on Nippon Steel-US Steel Deal

Japanese Prime Minister Shigeru Ishiba expressed strong disapproval on Monday regarding the U.S. government’s decision to block Nippon Steel’s (5401.T) acquisition of U.S. Steel (X.N). According to Reuters, Ishiba labeled the move as “unjust political interference” after a U.S. government review board and then-President Joe Biden’s administration halted the deal.

Ishiba also voiced concerns about a separate issue – U.S. President Donald Trump’s ongoing discussions to impose tariffs on auto imports. In a parliamentary meeting, Ishiba highlighted Japan’s significant role in the U.S. economy, stressing that Japan’s contributions to job creation and the daily lives of Americans distinguish it from other nations. He noted that Japan has been the largest investor in the United States for the past five years.

“Japan is different from other countries because it contributes to job creation and the daily lives of people in the United States,” Ishiba stated, according to Reuters.

Related: US Consumers File Lawsuit to Block Nippon Steel’s Acquisition of US Steel

Ishiba also took aim at the non-tariff barriers that have been criticized by President Trump. “It’s strange that consumer safety measures are counted as barriers,” he remarked, questioning the rationale behind such classifications.

On the topic of the blocked merger between Nippon Steel and U.S. Steel, the Prime Minister suggested that even if the plan to fully acquire the American company changes, it would not necessarily lead to a decline in profits for the Japanese firm. He emphasized that Japan would continue to assert the validity of its positions in these matters.

According to Reuters, Ishiba’s remarks reflect Japan’s frustration with recent trade tensions and the barriers that have emerged in U.S.-Japan economic relations. As Japan continues to advocate for its interests, it remains determined to maintain strong ties with the United States.

Source: Reuters