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Watch US Steel ‘Guaranteed’ to Stay American-Owned, President Biden Says - Bloomberg

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00:00[CC may contain inaccuracies] Well, the president also vowed to keep US Steel American-owned and threatened higher tariffs on Chinese steel as he seeks to win over union workers ahead of the November election. U.S. Steel has been an iconic American company for more than a century, and it should remain totally American. American owned American operated by American Union steelworkers, the best in the world. And if that's going to happen, I promise you. Well, let's bring our global business editor Karen Leigh. So what's in it for President Biden and what's in it for the union? And can they sort of come to an agreement? Well, Haidi, let's take a step back and look at what's happening, especially in the context of the election in November. Biden wants to woo the union. He wants their support. At the same time, U.S. Steel shareholders have approved a 4 billion takeover effort, takeover bid by Nippon Steel, which is a Japanese company. So Biden's been hitting the ground running in Pennsylvania this week. His he wants the support of the state. He wants to win it. It's a big swing state. But at the same time, this is now going to go to politicians and regulators. So whether this is going to be something that moves markets, whether this is more of a political stance, is yet to be seen. And Karen, we've heard as well, President Biden really pushing for tariffs on on Chinese steel, for instance. But let's just take a listen to what he said on the campaign trail. Look, right now, my U.S. trade representative is investigating trade practices by the Chinese government regarding steel and aluminum. If that investment confirms these anti-competitive trade practices, then I'm calling on her to consider tripling the tariff rates for both steel and aluminum for some time. So give us some more context on this, because I think part of the question around tariffs is how substantive is it? Yeah, well, Biden's proposed a 25% Levi on certain Chinese steel and aluminum products, and that's meant to shore up U.S. steel. It's meant to court the workers. But at the same time, Bloomberg's being told that this could be more of a political statement it might make it might have no market impact at all. And the Chinese steel imports are just a small sliver of the U.S. steel market. So what we're really going to be looking at is what this does for Biden in terms of his support among the workers going into November's election, because he does have the backing of the union. But at the same time, so does Donald Trump. He's got a lot of support among the rank and file. And this is something that both of these candidates want to win going into November.

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US Steel ‘Guaranteed’ to Stay American-Owned, President Biden Says

President Joe Biden vowed to keep United States Steel Corp. American-owned and called for higher tariffs on Chinese steel and aluminum as he sought to woo union workers ahead of November’s election. Karen Leigh reports on Bloomberg Television. (Source: Bloomberg)