Trump changes stance on Japan steel deal with U.S.

on the 23rd, U.S. President Trump said that U.S. steel companies and Japanese iron companies will establish a "planned partnership", with Nippon Steel investing in U.S. steel, while U.S. steel will continue to "stay in the United States". Trump posted on the social media platform "True Social" that the headquarters of U.S. steel will remain in Pittsburgh, Pennsylvania. "This will be a planned partnership between U.S. steel and Japanese iron, which 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 British Financial Times reported that last week, Nippon Steel agreed to triple its investment in U.S. steel as a final effort to persuade Trump to change his stance. Nippon Steel then issued a statement saying that Trump's decision will be a major turning point for the U.S. steel industry and even the entire U.S. manufacturing industry. (Xinhua News Agency)