Trump OK of Nippon Steel deal leaves big questions

After more than 17 months of lobbying and close-fought negotiations to secure control of United States Steel Corp, Japan's Nippon Steel Corp appeared on Friday to have received a presidential blessing.

- TONY CZUCZKA TOSHIRO HASEGAWA

Days later, however, investors, executives and diplomats are still unsure of what exactly the US president endorsed.

Donald Trump heralded a “planned partnership” between the two industrial heavyweights, claiming it would create “at least 70,000 jobs” — roughly five times US Steel’s current American employees — and add $14 billion to the US economy. But his unexpected announcement stopped short of explicitly endorsing Nippon Steel's proposed $14.1 billion cash takeover of US Steel, instead asserting that the company would “remain in America.”

Speaking on Sunday, he provided little additional clarity.

“It’ll be controlled by the United States, otherwise I wouldn’t make the deal,” Trump told reporters at Morristown Airport in New Jersey, as he headed back to Washington. “It's an investment and it's a partial ownership, but it'll be controlled by the USA.”

Japan's Chief Cabinet Secretary Yoshimasa Hayashi said yesterday that the government was awaiting a formal announcement.