By Gram Slattery and David Shepardson
YORK, Pennsylvania (Reuters) – Republican presidential candidate Donald Trump will reiterate on Monday that he will block Nippon Steel’s planned purchase of U.S. Steel and push for the repeal of the Biden administration’s regulations on pollution from power plants.
Trump had indicated in February that he would block the deal. Trump will tell workers in York, Pennsylvania, that if elected, he will “prevent Japan from buying U.S. steel,” according to prepared statements released by the campaign team.
US Steel shares were in the red and fell after Trump’s planned comments became known, recently trading down 3.5 percent. President Joe Biden said in March that it was critical for US Steel to “remain an American steel company that is domestically owned and operated.”
In April, the U.S. Environmental Protection Agency (EPA) released final rules to reduce carbon, air and water pollution from power plants. These could reduce greenhouse gas emissions by over a billion tons by 2047. According to the EPA, the power sector is responsible for nearly a quarter of greenhouse gas emissions in the United States.
Trump described the regulation as part of an “anti-American energy crusade” that he wants to repeal. “Instead of closing power plants, we will open dozens of new ones.” He also announced that he would prevent the transition to more electric vehicles that the Biden administration has pushed forward.
Trump will say in his remarks that he will “grant rapid approvals for new energy infrastructure – and we will embrace all forms of energy, including nuclear. To continue to power our country into the future, including the power needs of AI and cryptocurrencies, we will make a historic commitment to bring ‘advanced small modular nuclear reactors’ online.”
Trump also announced he would revoke China’s most-favored-nation status and seek legislation that would require China or other countries to pay tariffs in return if they impose new tariffs. He also said he would invoke the Defense Production Act to “rapidly increase capacity for critical products.”
(Reporting by Gram Slattery and David Shepardson; Editing by Chris Reese and Lisa Shumaker)
