Trump's executive orders revise Biden's order to block Nippon Steel buyout bid

US President Donald Trump has issued executive orders that revise his predecessor's order to block Japanese firm Nippon Steel's bid to purchase US Steel. Trump's orders on Friday are based on the review results of the Committee on Foreign Investment in the United States.

The orders also say the proposed acquisition is prohibited unless the two companies sign and remain in compliance with a national security agreement with the US Treasury Department. The document states that the president is authorized to issue further orders if necessary to protect national security.

Nippon Steel and US Steel announced on Saturday that Trump approved a partnership after they signed a national security agreement with the government. On Thursday, Trump indicated that his government would acquire a "golden share" as part of a partnership deal. The holder of the special share can veto important matters related to management.