Kevin O’Leary: Biden Blocking Takeover Bid of U.S. Steel by Japan’s Nippon Is a Mistake

Lawrence And we are ░░░░░░░░ this you know with ░░░░░░░░ nail biting sort of ░░░░░░░░ to it I want ░░░░░░░░ switch gears quickly as ░░░░░░░░ look at this You ░░░░░░░░ you saw that President ░░░░░░░░ had blocked the merger ░░░░░░░░ Nippon Steel and U ░░░░░░░░ Steel and he said ░░░░░░░░ As a committee of ░░░░░░░░ security and trade experts ░░░░░░░░ the executive Branch determined ░░░░░░░░ acquisition would place one ░░░░░░░░ America s largest steel ░░░░░░░░ under foreign control and ░░░░░░░░ risk for our national ░░░░░░░░ and our critical supply ░░░░░░░░ Japan s an ally ░░░░░░░░ there still a national ░░░░░░░░ concern here you think ░░░░░░░░ LEARY No this is ░░░░░░░░ mistake Let me explain ░░░░░░░░ You know you want ░░░░░░░░ make America the number ░░░░░░░░ destination for capital all ░░░░░░░░ the world And you ░░░░░░░░ to grow that And ░░░░░░░░ want them to bring ░░░░░░░░ dollars and build plant ░░░░░░░░ equipment in the United ░░░░░░░░ because it s the ░░░░░░░░ competitive and largest economy ░░░░░░░░ do not want to ░░░░░░░░ with that This is ░░░░░░░░ with that This is ░░░░░░░░ government picking in winners ░░░░░░░░ losers one specific company ░░░░░░░░ another Nippon already said ░░░░░░░░ d invest 14 15 ░░░░░░░░ leave the plant upgraded ░░░░░░░░ the job situation make ░░░░░░░░ the steel minimums are ░░░░░░░░ for And that s ░░░░░░░░ you want And I ░░░░░░░░ that actually Trump overturns ░░░░░░░░ because remember he just ░░░░░░░░ hands on 100 billion ░░░░░░░░ 10 days ago from ░░░░░░░░ That s money coming ░░░░░░░░ The number one export ░░░░░░░░ the United States is ░░░░░░░░ steel it s the ░░░░░░░░ dream You should always ░░░░░░░░ your money here first ░░░░░░░░ s the whole idea ░░░░░░░░ is counter to that ░░░░░░░░ don t like it ░░░░░░░░ hope it gets overturned ░░░░░░░░ s a bad message ░░░░░░░░ Well Kevin the president ░░░░░░░░ the United Steelworkers Union ░░░░░░░░ that quote The USW ░░░░░░░░ President Biden s decision ░░░░░░░░ block the U S ░░░░░░░░ Nippon deal And we ░░░░░░░░ no doubt that it ░░░░░░░░ the right move for ░░░░░░░░ members and our national ░░░░░░░░ Now the president elect ░░░░░░░░ says that he will ░░░░░░░░ tariffs to keep the ░░░░░░░░ business operating in the ░░░░░░░░ S He also supported ░░░░░░░░ having this deal go ░░░░░░░░ Well will that be ░░░░░░░░ do you think tariffs ░░░░░░░░ avoid layoffs and keep ░░░░░░░░ business going given China ░░░░░░░░ steel on the gold ░░░░░░░░ on the global market ░░░░░░░░ run competition out of ░░░░░░░░ O LEARY Yeah I ░░░░░░░░ t like the Chinese ░░░░░░░░ and I m an ░░░░░░░░ m a hawk on ░░░░░░░░ And I m an ░░░░░░░░ for massive tariffs as ░░░░░░░░ negotiating tool And there ░░░░░░░░ a whole bunch of ░░░░░░░░ and a whole bunch ░░░░░░░░ sectors I m concerned ░░░░░░░░ the Chinese in a ░░░░░░░░ different ways Nothing reciprocal ░░░░░░░░ don t have any ░░░░░░░░ with them that make ░░░░░░░░ And they use our ░░░░░░░░ TikTok s a good ░░░░░░░░ of what s going ░░░░░░░░ right now the drama ░░░░░░░░ there I just think ░░░░░░░░ the end of the ░░░░░░░░ the number one job ░░░░░░░░ the president of the ░░░░░░░░ States is to make ░░░░░░░░ the number one destination ░░░░░░░░ capital You never want ░░░░░░░░ change that There s ░░░░░░░░ reason it s the ░░░░░░░░ one economy on Earth ░░░░░░░░ s a reason people ░░░░░░░░ under under barbed wire ░░░░░░░░ to get into the ░░░░░░░░ There s a reason ░░░░░░░░ of the money around ░░░░░░░░ world s invested in ░░░░░░░░ U S now You ░░░░░░░░ want to change that ░░░░░░░░ I know we re ░░░░░░░░ on one case on ░░░░░░░░ steel deal but Trump ░░░░░░░░ going to use tariffs ░░░░░░░░ negotiations He doesn t ░░░░░░░░ to change the momentum ░░░░░░░░ the economy It s ░░░░░░░░ s doing fine and ░░░░░░░░ could even do better.”