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HARRISBURG, Pa. (AP) — President-elect Donald Trump is underscoring his intention to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp. , and he's pledging to use tax incentives and tariffs to strengthen the iconic American steelmaker. Trump had vowed early in the presidential campaign that he would “instantaneously” block the deal, and he reiterated that sentiment in a post on his Truth Social platform on Monday night. “I am totally against the once great and powerful U.S. Steel being bought by a foreign company” and will use tax incentives and tariffs to make U.S. Steel “Strong and Great Again, and it will happen FAST!” he wrote. “As President," he continued, "I will block this deal from happening. Buyer Beware!!!” President Joe Biden , like Trump, also opposes Nippon Steel's purchase of Pittsburgh-based U.S. Steel. Biden’s White House in September said that it had yet to see a report from the secretive Committee on Foreign Investment in the United States , which was reviewing the transaction for national security concerns. The committee, which is chaired by the treasury secretary and includes other Cabinet members, can recommend that the president block a transaction, and federal law gives the president that power. Ahead of the November election, the proposed merger carried political importance in Pennsylvania, a critical swing state that Trump eventually won. Biden publicly sided with the United Steelworkers, the labor union, in seeking to reject the deal. When he announced his opposition in a March statement, Biden said: “U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.” Nippon Steel has said it is the only company that can make the necessary investment in U.S. Steel's factories and strengthen the American steel industry. Both Nippon Steel and U.S. Steel on Tuesday released statements in support of the acquisition. "This transaction should be approved on its merits. The benefits are overwhelmingly clear. Our communities, customers, investors, and employees strongly support this transaction, and we will continue to advocate for them and adherence to the rule of law," U.S. Steel said. The deal follows a long stretch of protectionist U.S. tariffs that analysts say has helped reinvigorate domestic steel, including U.S. Steel. U.S. Steel's shareholders have approved the deal, but the United Steelworkers oppose it. In a statement Tuesday, the union said the deal carries “serious long-term implications for U.S. economic and national security.” “It’s clear that President Trump understands the vital role a strong domestic steel industry plays in our national security, as well as the importance of the jobs and communities the industry supports," the union said. Story continues below video The deal has drawn bipartisan opposition in the U.S. Senate, including from the incoming vice president, Republican Sen. JD Vance of Ohio, although the federal government's objections to the deal have drawn criticism that the opposition is political. Some U.S. Steel workers would prefer Nippon Steel acquire the company, given that it appears to have a better financial balance sheet than another potential buyer, Cleveland-Cliffs. U.S. Steel “provided a very, very good life for our families for a lot of years,” said Jack Maskil, a vice president at the Steelworkers local branch in West Mifflin, Pennsylvania. “And we feel that with the Nippon deal that a lot more families for futures to come will be able to share the same.” West Mifflin Mayor Chris Kelly said he met with Nippon Steel executives and found himself satisfied by their commitments. Located southeast of Pittsburgh, West Mifflin is home to U.S. Steel's Mon Valley Works–Irvin Plant. “There’s no question in my mind that it’s the best deal moving forward,” Kelly said at a panel hosted on Tuesday by the conservative think tank Hudson Institute, where Maskil was also speaking. The Biden administration committee vetting the merger is scheduled later this month to decide on the acquisition or possibly extend the ongoing review. William Chou, a deputy director at the Hudson Institute specializing in relations with Japan, said that "President-elect Trump's view on the deal are important." But given the upcoming deadline, “It's up to President Biden to recognize how this deal will advance the interests of future generations of U.S. Steel union steelworkers.” Trump’s statement came two weeks after Nippon Steel’s vice chairman, Takahiro Mori, visited Pittsburgh and Washington to meet with lawmakers, local officials and workers in an ongoing persuasion campaign. That campaign has included Nippon Steel's promises to boost its capital commitments beyond the original deal and, more recently, a pledge that it won’t import steel slabs that would compete with U.S. Steel’s blast furnaces. As part of its proposed $14.9 billion purchase of U.S. Steel, Nippon Steel also pledged to invest at least $1.4 billion in USW-represented facilities, not to conduct layoffs or plant closings during the term of the basic labor agreement, and to protect the best interests of U.S. Steel in trade matters. Boak reported from Washington.
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Telr Partners With Samsung to Launch Samsung Pay in the UAESempra Named Among Newsweek's 'Most Responsible Companies'LAS VEGAS — There are three races remaining in the Formula 1 season and Max Verstappen of Red Bull is close to a fourth consecutive world championship, which can wrap up Saturday night at the Las Vegas Grand Prix. All is not smooth sailing headed into this final month of racing: "It was a bit of a surprise, I think, for everybody," said Mercedes driver George Russell, a GPDA director. "It's a hell of a lot of pressure now onto the new race director (with) just three races left. Often, as drivers, we probably feel like we're the last to find out this sort of information." The Andretti team is expected to receive F1 approval to join the grid, albeit without Michael Andretti, who has scaled back his role dramatically since the IndyCar season ended in September. Many drivers, particularly seven-time champion Lewis Hamilton, have been at odds with FIA President Mohammed Ben Sulayem since his election following the 2021 season finale. In the GDPA statement, they reminded the sanctioning body "our members are adults" who don't need lectures and fines on foul language or jewelry bans, and simply want fair and consistent race control. There's been no response from Ben Sulayem, and won't be this weekend since he does not attend the LVGP. He will be at Qatar and the finale in Abu Dhabi next month. Hamilton doesn't think all the behind-the-scenes changes will be a fan topic as the season comes to a close. But he noted that consistency from race control is all the drivers have asked for, while throwing his support behind Domenicali and the job Maffei has done in growing F1 since Liberty took over. "I really hope Stefano is not leaving because he's been so instrumental in changes and progress to this whole thing," Hamilton said. "And he knows the sport as well as anyone. But all good things do come to an end, and whoever they put into place, I just hope they are like-minded. But sometimes you have to shake the trees." That's just what happened with the surprise departure of race director Wittich. Although drivers have been unhappy with race officiating this season and held a private GPDA meeting in Mexico City, Russell said they had no prior warning Wittich was out. The race director is the referee each weekend and Wittich has been in charge since 2022, when Michael Masi was fired following the controversial 2021 season-ending, championship-altering finale at Abu Dhabi. Now the man in charge for the final three races is Rui Marques, the Formula 2 and Formula 3 race director. Las Vegas, which overcame multiple stumbling blocks in last year's debut before putting on one of the best races of the season, is a difficult place to start. Verstappen can win his fourth title by simply scoring three points more than Lando Norris of McLaren. "It's a bit weird with three races to go to do that," Verstappen said. "It doesn't matter if you're positive or negative about certain things. I thought in Brazil there was definitely room for improvement, for example. It's still a bit weird having to now then deal with a different race director." Charles Leclerc of Ferrari wondered why the move was made with only three races to go. "To do it so late in the season, at such a crucial moment of the season, it could have probably been managed in a better way," he said. The drivers have consistently asked for clearer guidelines in the officiating of races, specifically regarding track limits and racing rules. The drivers have no idea how Marques will officiate, highlighting a disconnect between the competitors and Ben Sulaymen's FIA. "We just want to be transparent with the FIA and have this dialogue that is happening," Russell said. "And I think the departure of Niels is also a prime example of not being a part of these conversations." The GDPA statement made clear the drivers do not think their voice is being heard. "If we feel we're being listened to, and some of the changes that we are requesting are implemented, because ultimately we're only doing it for the benefit of the sport, then maybe our confidence will increase," Russell said. "But I think there's a number of drivers who feel a bit fed up with the whole situation. It only seems to be going in the wrong direction." He also said the relationship between the drivers and the FIA seems fractured. "Sometimes just hiring and firing is not the solution," he said. "You need to work together to improve the problem." Norris, who has battled Verstappen this year with mixed officiating rulings, said "obviously things are not running as smoothly as what we would want." Marques has his first driver meeting ahead of Thursday night's two practice sessions and then three weeks to prove to the competitors he is up for the job. Carlos Sainz Jr., who will leave Ferrari for Williams at the end of the season, hopes the drama doesn't distract from the momentum F1 has built over the last five years. "I think Formula 1 is in a great moment right now and all these rumors, I think in every team, every job, there's job changes," he said. "It's not big drama. I'm a big fan of the people you mentioned, they've done an incredible job in Formula 1 and Formula 1 is what it is thanks to these people. But it's just so emotional, especially the Stefano one. The only one that has a real effect is the race director. But I think if he does a good job, it should be transparent and nothing big." Get local news delivered to your inbox!Catly Creator Says Game Has No Generative AI, No Blockchain, and No NFTs
Trump covers autism, border and drones in first post-election news conferenceBank of Canada governor Tiff Macklem says the central bank is preparing for a future that looks more uncertain and more prone to shocks. In a speech to the Greater Vancouver Board of Trade, he said Monday structural changes are underway in the world including demographic shifts, technological changes, decarbonization and a move away from globalization. “We need to use the pandemic experience to prepare for future crises,” Macklem said in a prepared text of his speech. To that end, Macklem says the Bank of Canada is working to learn what it can from how the economy reacted to the pandemic and in its aftermath. The Bank of Canada is conducting a review of the policy actions it took to restore financial stability and support the economy during the pandemic that it plans to publish along with an assessment of an independent panel of experts. Macklem said the spike in inflation in 2022 was a reminder that even though inflation was relatively low and stable for 30 years leading up to the pandemic, central banks cannot take public trust for granted. “All of a sudden, people couldn’t afford the things they need to live. And while inflation is low once again, many prices are still a lot higher than they were before the pandemic. So people feel ripped off. And that erodes public trust in our economic system,” he said. The Bank of Canada has cut its key policy interest rate five times this year including last week when it reduced the benchmark by a half a percentage point to 3.25 percent. Macklem says the bank will be evaluating the need for further reductions in the policy rate one decision at a time and anticipates a more gradual approach to monetary policy if the economy evolves as expected. Statistics Canada reported last month that the annual inflation rate was two percent in Ontario, hitting the Bank of Canada’s target. The speech by Macklem came ahead of the release of the November inflation report on Tuesday."Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" To keep reading, please log in to your account, create a free account, or simply fill out the form below.
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