# TRADE UPDATE 6/12/25: Trump Greenlights U.S. Steel Deal, Meets Carney Ahead of G7 

Former President Donald Trump approved the U.S. Steel–Nippon Steel merger today via executive order, triggering a rally in U.S. Steel shares.

June 24, 2025 • News Releases 

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,](https://www.cato.org/people/scott-lincicome) Vice President of General Economics and Cato’s Herbert A. Stiefel Center for Trade Policy Studies.

• [Clark Packard,](https://www.cato.org/people/clark-packard) Research fellow in the Herbert A. Stiefel Center for Trade Policy Studies.

• [Colin Grabow,](https://www.cato.org/people/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](mailto:esalamon@cato.org)

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