Former President Donald Trump approved the U.S. Steel–Nippon Steel merger today via executive order, triggering a rally in U.S. Steel shares. The deal includes a national security agreement granting the U.S. government a rare “golden share” with oversight rights.

The announcement comes as Trump meets Canadian Prime Minister Mark Carney ahead of G7 sessions in Alberta. The bilateral meeting may signal a reset in U.S.–Canada trade relations following years of tension.

Cato Institute trade experts are available for comment:

• Scott Lincicome, Vice President of General Economics and Cato’s Herbert A. Stiefel Center for Trade Policy Studies.

• Clark Packard, Research fellow in the Herbert A. Stiefel Center for Trade Policy Studies.

• Colin Grabow, Associate Director at the Cato Institute’s Herbert A. Stiefel Center for Trade Policy Studies

To speak with our trade team on this subject, please feel free to reach out to esalamon@​cato.​org