KARACHI, Pakistan
Prime Minister Shigeru Ishiba said Sunday that the US Steel Corporation will remain an American entity regardless of how its Japanese rival, Nippon Steel Corp., proceeds with its acquisition plan, after his summit with US President Donald Trump in Washington, Tokyo-based Kyodo News reported.
Ishiba’s remarks came on the heels of Trump’s “surprising and confusing” statement Friday that Nippon Steel will no longer seek full ownership but will instead “invest heavily” in the struggling US producer.
Details of the plan, however, are unclear.
“There is a saying that steel is the nation,” Ishiba, who held his first in-person summit with Trump on Friday, said on a television program, adding he believes that Trump is “worried” about a major US company being acquired by a Japanese rival.
Nippon Steel’s plan to take over the struggling US Steel, once a symbol of American economic strength, has drawn strong opposition from Trump and his predecessor, Joe Biden.
Citing national security concerns, Biden blocked a $14.1 billion deal in January, promoting the two companies to file lawsuits to overturn his decision.
Responding to a question, Ishiba, who took office in October, said Trump did not urge Tokyo to increase its defense budget.
Ishiba said he also made it clear to Trump that Tokyo “cannot accept negotiations that treat North Korea as a nuclear power.”
Last month, Trump described North Korea as a “nuclear power,” triggering conjectures about a shift in his second administration’s approach to Pyongyang.
Trump held face-to-face talks with North Korean leader Kim Jong Un three times during n his first term.
To another question, he said he did not discuss with Trump if the US would impose tariffs on Japanese auto imports.
Asked about the possibility of the Trump administration placing Japan on the list of countries subject to additional tariffs in the future, Ishiba said, “I don’t know” but added, “One-sided exploitation cannot last long.”
“It turned out to be a good outcome thanks to the efforts of many people,” Ishiba said, summarizing the summit.
