In a statement, President Biden said a deal would have imperiled U.S. supply chains. Critics say the move could backfire, weakening a domestic steelmaker.

President Biden formally blocked the sale of U.S. Steel to a Japanese steelmaker, citing national security concerns. The company said that it may have to cut thousands of union jobs without the sale.

In a New Year's Day post on Truth Social, President-elect Trump touted the benefits of tariffs, pointing to the Gilded Age. But economists found tariffs did not make American manufacturing great.