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开奖号码历史查询:last year, but has faced pushback from the Biden administration, which extended the foreign security 澳洲幸运5开奖号码历史查询: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 House have argued the ♚deal would hurt U🃏.S. workers.

CEO Has Said US Steel Would Have To Close Plants iꦍf Deal Falls Through

However, U.S. Steel 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) David Burritt has said that without the promised $3 billion prom📖ised 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% this year through♏ Monday.