U.S. Steel (X) shares are falling 7% in premarket trading Tuesday after President-elect Donald Trump said that he would block Nippon Steel's planned $14 billion acquisition of its American rival.

In a post on his Truth Social platform, Trump wrote he was "totally against" the takeover of the company by a foreign firm, reiterating his previous opposition to the bid. The Japanese company had agreed to buy U.S. Steel 澳洲幸运5官方开奖结果体彩网:last year, but has faced pushback from the Biden administration, which extended the foreign security 澳洲幸运5官方开奖结果体彩网:review period for the deal.

"Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST!," Trump said. "As President, I will block this deal from happening."

Both Trump and the White ꦉHouse have argued the deal would hurt U.S. workers.

CEO Has Said US Steel Would Have To Close Plants if Deal Falls Thro෴ugh

However, U.S. Steel 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) David Burritt has said that without the promised $3 billion promised by Nippon Steel if the deal passes, the company would have to close plants and move out of its headquarters in Pittsburgh.🔯

Neither U.S. Steel nor Nippon Steel immediately returned Investopedia requests for comment.

U.S. Steel shares are down more than 15%ಞ this year through Monday.