Nippon Steel CEO discusses evolving US trade policy
Nippon Steel's Chairman and CEO Hashimoto Eiji has spoken to NHK about his insights into the new hands-on approach to business deals in Washington.
The Japanese company made the iconic American firm a wholly owned subsidiary after lengthy negotiations to gain approval from the Trump administration.
The successful outcome contrasts with the little progress made in tariff talks between Japan and the United States.
Hashimoto said that he realized through negotiating with the US government that the global trade system had undergone a major change.
"The US was trying to bring about change even before Trump took office," he said. "Washington is pushing a new policy, which does not leave trade in the hands of private companies and markets. It allows for a certain level of government involvement."
He said he thinks this policy will continue because it "reflects the current stance of the world's superpower."
Nippon Steel bought US Steel for 14.1 billion dollars, but also committed to an additional investment of about 11 billion dollars.
Hashimoto says Japanese companies can play a part in the revival of US manufacturing.
"The US is trying to revive its manufacturing sector and Japan can help it achieve that goal," he said. "But it's not the case that Japan has to do as it's told. There's definitely a labor shortage in the US manufacturing sector. Japan can use that to its advantage."
Hashimoto added that this is a new path Japanese manufacturing industry can take that will also benefit Japan.
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