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Nippon Steel is pushing back on concerns raised by the Biden administration that its pending acquisition of U.S. Steel for $14.9 billion would undermine U.S. national security. President-elect Donald Trump pledges to block Nippon Steel’s $14 billion acquisition of U.S. Steel, citing national security and domestic ownership concerns. The deal is under review by CFIUS, with a decision expected next month. Opposition comes from Trump, President Biden, and U.S. labor unions, but Nippon Steel aims to close by year-end. WASHINGTON - President-elect Donald Trump announced Monday that he would block Nippon Steel’s $14 billion acquisition of U.S. Steel, citing the need to protect domestic manufacturing and national security. The Japanese steel giant has been working to finalize the purchase before Trump is sworn in as president on January 20, but the deal has faced significant political and labor opposition. "I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan," Trump wrote on Truth Social. "Through a series of tax incentives and tariffs, we will make U.S. Steel strong and great again, and it will happen FAST! As president, I will block this deal from happening. Buyer Beware!!!" President Biden has already referred the proposed sale to the Committee on Foreign Investment in the United States (CFIUS), a federal panel tasked with assessing foreign investments for national security implications. CFIUS, chaired by Treasury Secretary Janet Yellen, has until next month to issue its findings, which could include recommending approval with conditions, blocking the transaction, or extending the review. Biden has also expressed concerns about maintaining U.S. Steel’s domestic ownership, calling it "vital" for national security and the American economy. Despite domestic opposition, Japanese Prime Minister Shigeru Ishiba has lobbied Biden to approve the transaction, emphasizing Nippon Steel’s contributions to global supply chains and economic ties with the U.S. According to Reuters, Nippon Steel remains confident it can finalize the purchase by the end of the year. Canada’s ambassador to the United States said Sunday that Prime Minister Justin Trudeau was successful in getting President-elect Donald Trump and key Cabinet nominees to understand that lumping Canada in with Mexico over the flow of drugs and migrants into the U.S. is unfair. LiveNOW from FOX host Carel Lajara spoke to Dr. Ernesto Castaneda, Director of Latin American & Latino Studies at American University on the latest. The deal has also drawn criticism from U.S. labor unions, which have echoed concerns about foreign ownership of one of America’s most iconic manufacturing companies. Trump and Biden’s shared stance on the matter underscores the bipartisan nature of protecting domestic industries in the face of foreign acquisitions. The CFIUS panel’s decision, expected next month, will likely shape the future of the deal. If Trump follows through with his plan to use tariffs and tax incentives as leverage, Nippon Steel could face additional challenges even if the purchase gains federal approval. U.S. Steel, a cornerstone of American industry for over a century, now stands at a crossroads as political and economic forces converge to influence its ownership and operation.Shares in drone maker Unusual Machines surged more than 100% on Wednesday after the company announced Donald Trump Jr. had joined its advisory board. Shares drifted down throughout the day, but were still up 76% by Wednesday afternoon. The stock had closed at $5.36 a share on Tuesday and traded at more than $9 on Wednesday – more than a 50% gain. “Don Jr. joining our board of advisors provides us unique expertise we need as we bring drone component manufacturing back to America,” Unusual Machines CEO Allan Evans said in a statement. The president-elect’s eldest son’s appointment comes two days after his father threatened to slap China with “an additional 10% tariff, above any additional tariffs” unless the country is able to stop the trafficking of chemicals used to make fentanyl through the US. Trump had previously threatened tariffs of 60% on import goods from China during his campaign. “The need for drones is obvious. It is also obvious that we must stop buying Chinese drones and Chinese drone parts,” Don Jr. said in a statement. “I love what Unusual Machines is doing to bring drone manufacturing jobs back to the USA and am excited to take on a bigger role in the movement.” Unusual Machines, which was founded in 2019, in a filing on Wednesday said its business is “heavily dependent” on Chinese imports and could be hampered by Trump’s proposed tariffs. “If there are increased tariffs imposed, it could materially and adversely affect our business and results of operations,” the drone maker said. The company has denied claims that Don Jr. might help Unusual Machines secure government approvals. “I would never ask him to do anything or facilitate anything like that,” Evans told The Wall Street Journal . He said the president-elect’s son’s business network would help Unusual Machines meet demand for drone parts made outside of China. Trump Jr. had previously owned 331,580 shares of Unusual Machines before a share offering and currently owns no shares, the company disclosed in the filing on Wednesday. It is unclear how much he paid for the shares or what price he sold them at. Don Jr. joined venture capital firm 1789 Capital as a partner earlier this month and said he would recuse himself from business involving the government and has no interest in joining his father’s administration. Department of Defense officials earlier this year approved an Unusual Machines flight controller for use in the military – the company’s first such rubber stamp, according to the Journal. Earlier this month, the company reported $1.5 million in sales in the third quarter, mostly from selling drones directly to consumers. Unusual Machines reported $3.6 million in revenue for the nine months ended Sept. 30 and a net loss of $4.9 million in the same period. In February, Unusual Machines went public and acquired the drone brands Fat Shark and Rotor Riot. Unusual Machines is looking to move into sales of Pentagon-compliant drones and drone parts to businesses, the report said. Evans told the Journal he thinks the incoming president’s more protectionist policies will help the drone industry flourish in the US. Trump Jr.’s involvement with Unusual Machines was announced just a few days after Trump ally Elon Musk, who founded Tesla and SpaceX, slammed the Pentagon’s F-35 fighter jet program and argued in favor of the use of autonomous drones in warfare.
Expert calls Trump taunts ‘churlish’, urges Canada to focus on coming trade war
MEXICO CITY — Mexican President Claudia Sheinbaum said immigrants shouldn’t be viewed as “criminals,” but declared that Mexico has a plan for an influx of returnees should President-elect Donald Trump proceed with threatened mass deportations of immigrants, many of them Mexican nationals. “We don’t agree that migrants be treated as criminals,” Sheinbaum told reporters Thursday at her regular morning news conference, in her strongest condemnation yet of Trump’s vow to implement the largest deportation in U.S. history. Jittery Mexican officials are bracing for the second term of Trump , who has vowed to unleash both record deportations and wide-ranging tariffs that could throttle Mexico’s already-sluggish economy, which is heavily dependent on trade with the United States. Trump, who has denounced immigrants as “animals” and “vicious and bloodthirsty criminals” and spread debunked claims that some were eating pets, has repeatedly vowed he would launch record deportations on his first day in office, Jan. 20. The president-elect has said he would declare a national emergency and deploy the U.S. military for the deportations. Mexican citizens represent the largest group of immigrants in the United States illegally, accounting for about 37% of the estimated 11 million in the country without documentation, according to the Pew Research Center. Mexican immigrants in the United States are also pillars of the Mexican economy, sending more than $60 billion annually in remittances back to their homeland. Sheinbaum, who took office Oct. 1, provided no details on her country’s plan to handle mass deportations, other than strengthening the work of Mexico’s extensive consular network in the United States. Critics here have long assailed Mexican authorities for doing little to assist deportees, who often return to their home communities — many after years residing in the United States — with little guidance for the future and few prospects for employment. But the president rejected the notion that Mexico was not ready to deal with large-scale expulsions. “I have read that the president and her team are not prepared,” Sheinbaum said. “Yes, we have a plan. We are prepared.” The president and her Cabinet on Thursday were discussing issues facing the nation related to Trump administration plans, including on immigration, trade, security and other matters. Mexican officials hope to meet with Trump’s team soon in a bid to discourage mass deportations, Sheinbaum said. Authorities here are hopeful they can convince the incoming administration that Mexican immigrants — including those residing illegally in the United States — play a vital role in the U.S. economy and should not be targeted. Trump officials have said expelling illegal immigrants with criminal records and with standing deportation orders would be a priority, but they have not ruled out going after longtime undocumented residents who have neither criminal histories nor deportation orders. Mexican authorities, Sheinbaum said, planned to emphasize “the importance of the work that Mexicans do in the United States, how much they pay in taxes ... [and] how the United States needs these workers.” Trump and his allies say immigrants have deflated U.S. wages and drained government resources, but some experts have warned that mass deportations could weaken the U.S. economy. Among other sectors, economists say, Mexican workers play key roles in U.S. agriculture, meatpacking, construction, hotels and restaurants. Meanwhile, Trump’s election has added a sense of urgency for many of the tens of thousands of non-Mexican migrants transiting Mexico toward the U.S. At least 1,500 people set out on foot in the latest caravan, which departed Wednesday from the southern Mexican city of Tapachula, a hub for migrants from Central and South America, the Caribbean, Asia and Africa. Many have said in comments to journalists and on social media that they hoped to cross the more than 1,000 miles to the northern border before Trump takes office in January and executes his planned crackdown. This was at least the third caravan to set off since the week of the U.S. election. However, relatively few caravan participants may reach the northern border. Mexican authorities, under intense pressure from the Biden administration, have been intercepting record numbers of U.S.-bound migrants in recent months, detaining them on roads and pulling them off northbound vehicles and freight trains. Many are sent back to southern Mexico, only to start the journey over. Trump has threatened to impose tariffs on Mexican imports if Mexico does not do more to deter U.S.-bound migrants or if it fails to stem cross-border drug trafficking. Special correspondent Cecilia Sánchez Vidal contributed to this report.No. 9 SMU aims to improve playoff odds vs. Cal
Stock market today: Wall Street inches higher to set more records
No. 5 Iowa State beats Colorado 99-71 to claim fifth place at the Maui InvitationalMaryland bullies Bucknell to secure third straight win
Ticket Market to grow by USD 228.52 billion (2024-2028), driven by animated movies' success; Report on AI's role in redefining market trends - TechnavioNEW YORK — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.
SMU has plenty to play for when it closes the regular season against California on Saturday afternoon in Dallas. The Mustangs (10-1, 7-0 Atlantic Coast Conference), who checked in at No. 9 in the latest College Football Playoff rankings on Tuesday, would like to send their seniors off the right way. They would also like to complete a perfect regular season before appearing in the ACC title game in their first year in the conference. Most importantly, they want to continue to strengthen their playoff case. "You've got the College Football Playoff, so every game matters. That's what's so cool about it now. The regular season is important," SMU coach Rhett Lashlee said. "We'd like to finish well in everything we do, particularly on Saturday, to finish off the regular season, continue our momentum into the following week. Hopefully, continue to show the committee and others that we're worthy of continuing to play this year." The Mustangs are a worthy playoff team to date. Kevin Jennings has established himself as one of the top quarterbacks in the country, throwing for 2,521 yards with 17 touchdowns and seven interceptions. He also has rushed for 315 yards and four TDs. Brashard Smith has been another standout, rushing for 1,089 yards and 13 TDs. Defensively, the Mustangs rank tied for 14th in the country with 20 takeaways. "Obviously they've had a phenomenal season," Cal coach Justin Wilcox said of SMU. "As soon as you turn the tape on, it doesn't take very long to see why their record is what it is. They're very, very good really in every phase of the game - extremely explosive and quick and fast. They've got a dominant D-line. We've got a lot of challenges in front of us and our guys are excited for that." Cal (6-5, 2-5) is coming off an emotional win, defeating rival Stanford 24-21 on Saturday to secure a bowl berth. The Golden Bears will appear in consecutive bowls for the first time since 2018-19 and are now looking to clinch their first winning season since 2019. SMU is not overlooking Cal, as all five of the Golden Bears' losses have come by one score. "You'd be hard-pressed to find a better 6-5 team in America," Lashlee said. "I think you can conservatively say they very, very easily could be 9-2." Cal is led by quarterback Fernando Mendoza, who has thrown for 3,004 yards with 16 touchdowns and six interceptions. Tight end Jack Endries leads the team with 555 yards receiving, while wide receiver Nyziah Hunter has caught a team-leading five touchdowns. Defensively, Cal has the ACC's top scoring defense (20.7 points per game) and is tied with Clemson for the ACC's best turnover margin (plus-13). Defensive back Nohl Williams is the star of the group -- he leads the country with seven interceptions. Even though oddsmakers are heavily favoring SMU, Cal is going into the game with a simple mindset. "Our task at hand is to make the best bowl game right now," Mendoza said. "And the way to do that is to go into Dallas, give it our best and ruin SMU's season." Saturday will mark the first conference meeting between these ACC newcomers, and just the second meeting between the programs all time. SMU won a 13-6 game back in 1957. --Field Level Media
The Dallas Cowboys and New York Giants stumble onto center stage for a Thanksgiving Day battle of backup quarterbacks, as the out-of-contention NFC East rivals have served up a combined six wins and 16 losses in 2024. Cooper Rush helped the Cowboys (4-7) return to the win column at Washington before the three-day prep for playing holiday host to the Giants (2-9), who have shuffled plans amid another potential quarterback switch. New York lugs a six-game losing streak and some emotional drama to the table Thursday afternoon. "The fight has definitely been there," Cowboys coach Mike McCarthy said. "But we're still pretty far down in the valley of adversity right now. We've made one step in the right direction, so we've still got a lot of climbing to do." The playoffs are an afterthought at the moment. Dallas is tied for 4th in the NFC and the Giants are dead last with the final third of the season ahead. Beating the Commanders 34-26 on Sunday helped the Cowboys exhale, if only briefly, and they will now try to win at home for the first time in six tries. The Cowboys are shooting for a season sweep of the Giants for the fourth consecutive season. "It was great to get some wind under our wings, but this Thursday's game comes on you so fast. That's really where my mind is and my heart is, too," McCarthy said. Last in the NFL in scoring (14.8 points per game) and 28th in passing offense at 187.9 yards per game, the Giants are devoid of highlighter-worthy names on the offensive scouting report. They traveled to Texas on Wednesday without last week's starting quarterback, Tommy DeVito, who was officially listed as questionable because of a forearm injury. The last win for the Giants, 29-20 at Seattle, came one week after losing 20-15 to the Cowboys in September. New York is 0-4 against the NFC East including two losses by a combined eight points to the Commanders. Rookie Giants wide receiver Malik Nabers flashes big-play ability. He's also not shy about sharing his opinion. Nabers received a good talking to from head coach Brian Daboll after he blasted the Giants' effort and felt New York was "soft" in a 30-7 whipping at the hands of the Tampa Bay Buccaneers on Sunday. Defensive tackle Dexter Lawrence shared the sentiment only days after openly pondering why and how the Giants decided to hand the starting quarterback job to the undrafted DeVito at the expense of 2019 first-rounder Daniel Jones. "When you lose a game like that, there's frustration," Daboll said. "Certainly, you'd like to keep it in house. But you understand them, and I've been doing this for a while. There's conversations that you have to have if comments like that are made. I respect the opinions of the players and of the coaches. We'll work as hard as we can to get this fixed." In Sunday's loss, Bucs defensive tackle Calijah Kancey virtually folded DeVito in half on a first-quarter sack and staggered him again with a jarring hit in the fourth quarter as he released a pass. Banged up in the aftermath, DeVito wasn't asked to complete a full practice the past three but did throw a few times Monday and Tuesday. He didn't practice Wednesday and didn't accompany the team to Arlington, Texas, leaving Drew Lock to get the call for the Giants if DeVito doesn't get transportation to Texas and medical clearance by Thursday afternoon. In front of DeVito, offensive tackle Jermaine Eluemunor (quad) was ruled out. Evan Neal (hip) was on the long list of injury concerns for the Giants but had no injury designation Wednesday. Eluemunor left last week's game in the first half and couldn't return. Extra blockers likely are mandatory to keep Cowboys pass rusher Micah Parsons from feasting. Parsons had two sacks at Washington, his second game with multiple sacks in three outings since returning from a high-ankle sprain. He had two sacks of Jones the last time the Giants visited for Thanksgiving in 2022. Nabers caught 12 passes for 115 yards from Jones in defeat against the Cowboys Week 4. That was before the QB switch. Nabers wasn't targeted in the first half last week. Giants running back Tyrone Tracy enters the week in the proverbial doghouse because of another costly fumble, after his fumble in Week 10 at London gifted the Carolina Panthers a game-winning field goal in overtime. "Blood is in the water now," Tracy said. "You've got to understand this is the NFL and ball security is job security." Beyond their 0-5 home record, the Cowboys are 2-1 in the NFC East but have been outscored by 98 points on the season. The nine-loss Giants own a minus-89 scoring margin. Dallas was 8-0 at home in the 2023 regular season, then started a streak of six consecutive losses -- including the wildcard blowout by the Packers -- by an average of 22.3 points. Rush was not special at Washington, but he threw a pair of TDs, completed 75 percent of his passes and didn't throw an interception. He was limited Monday with a knee injury, but McCarthy appeared confident the QB would be available over current backup Trey Lance. Cowboys running back Rico Dowdle handled a career-high 19 carries, for a career-best 86 yards last week, erasing his previous best -- 12 carries for 79 yards and a touchdown -- against the Giants last season. He caught a 15-yard TD pass in the Cowboys' win over the Giants in September. New York gave up 156 rushing yards to the Buccaneers, the fifth consecutive game of allowing at least 140. A win would bring the Cowboys' record to 5-7, good enough to find the fringe of playoff chatter. The Cowboys are hopeful for the return of key players, including tight end Jake Ferguson (concussion), guard Tyler Smith (ankle/knee) and No. 1 cornerback Trevon Diggs (groin/knee) after they sat out Week 12. Wide receiver Brandin Cooks (knee) is expected to be back for the first time since Week 4, but left guard Zack Martin (shoulder, ankle) won't play. Cooks was activated to the 53-man roster on Wednesday, when the Cowboys moved rookie cornerback Caelen Carson (shoulder) and second-year offensive lineman Asim Richards (ankle) to injured reserve. Defensive backs Andrew Booth and Kemon Hall were elevated from the practice squad. --Field Level MediaTigo Energy stock hits 52-week low at $0.85 amid market challenges
