Japanese company Nippon Steel has President Donald Trump’s backing as it nears a deal to invest in U.S. Steel. Calling the deal a “partnership,” Trump claimed Nippon will create 70,000 jobs and add $14 billion to the economy, all while keeping the company in the U.S.

U.S. Sen. David McCormick says an arrangement for Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of U.S. board members and U.S. government approval over certain corporate functions.

President Donald Trump said on Wednesday that any deal that saves social media platform TikTok from being banned in the U.S will look different than the expected deal between Japan's Nippon Steel and U.