Trump vows to block Nippon Steel deal and repeal Biden’s pollution rules

Republican presidential candidate Donald Trump announced Monday that he plans to block Nippon Steel’s proposed takeover of U.S. Steel and take action to overturn pollution rules enacted by the Biden administration. Trump’s remarks, prepared for delivery in York, Pennsylvania, echo his February stance on halting the deal.

Shares of U.S. Steel fell 3.5% following news of Trump’s announcement. President Joe Biden has previously stressed the importance of U.S. Steel remaining domestically owned. In April, the Environmental Protection Agency finalized a rule to cut greenhouse gas emissions from power plants by more than 1 billion metric tons by 2047.

Trump has criticized the regulations as part of an “un-American energy crusade” and promised to open more power plants. He has also opposed the Biden administration’s push for electric vehicles and promised rapid approvals for new energy infrastructure, including nuclear power.

In addition, Trump has promised to revoke China’s most favored nation status and pursue reciprocal tariff legislation. He has said he will use the Defense Production Act to expand production capacity for essential goods.

(Based on information from the agency.)