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Watch a few minutes of the NBA Finals , and youll likely notice how the Dallas Mavericks Luka Doncic argues with the officials every time a whistle blows in his direction. Working the refs is a long-standing tradition, but Doncic, one of basketballs marquee stars, takes complaining to a new level. In his eyes, the referees are incapable of correctly calling the game, no matter the circumstance. Whining has become muscle memory.

A similar dynamic has lately been playing out between members of President Joe Bidens campaign staff and journalists. Each week, Biden-team members and a cadre of notable Democrats spend hours locked in a public spat not just against former President Donald Trump, but against the media.

Recently, TJ Ducklo, a Biden-campaign senior adviser for communications, posted on X: The President just spoke to approx 1,000 mostly black voters in Philly about the massive stakes in this election. @MSNBC @CNN & others did not show it. Instead, more coverage about a trial that impacts one person: Trump. Then theyll ask, why isnt your message getting out? Responding to Ducklo, the election statistician turned Substack writer Nate Silver pointed out that Democrats often lament that the media dont cover Trumps misdeeds enough. Ducklo fired back: This perfectly incapsulates [sic] the disconnect between the ivory tower/beltway know-it-alls and voters. Donald Trumps trials dont impact real people. They impact Donald Trump. His horrific, draconian, dangerous policies impact voters. Cover those. Stop covering polls & process.

To suggest that a formerand potentially futurepresidents legal woes are items not worth discussing is, frankly, absurd. But Ducklos complaint was part of a much larger theme: Bidens allies believe that journalists are failing to meet the moment; that theyre falling back on horse-race coverage and ignoring the knock of fascism at Americas door.

Many Biden supporters and campaign staffers have fashioned this argument into a shield against any critical coverage of the president. Like a previous White House occupant raving about fake stories, they sometimes behave as if they are the arbiters of whats newsworthy at all. Sounding a bit like Donald Trump isnt the only problem with this strategy, though; its also highly unlikely to advance the campaigns larger goal of actually winning the election.

Bidens first bid for president , in 1988, was one of the subjects covered in Richard Ben Cramers What It Takes, a masterpiece of the campaign-journalism genre. When Cramer died from lung cancer in 2013, Biden, then serving as vice president, spoke wistfully at his memorial service. Although Biden has endured his share of embarrassments that have triggered unflattering news cycles across his decades in public serviceincluding a plagiarism scandal that ended his 88 bidhe has maintained an apparently earnest belief in the role of journalism in upholding democracy. Now some members of his 2024 team worry that the press has become Trumps unwitting accomplice.

David A. Graham: How Musk and Biden are changing the media

Rather than reserve their concerns for phone calls, as was custom for virtually every pre-Trump presidential campaign, they are following Trumps lead and making their attacks public. Online and on social media, youve certainly seen Bidens aides get into it more with reporters, David Folkenflik, NPRs media correspondent, told me. God knows these are conversations that would have taken place in private before.

Headlines, specifically those that appear in The New York Times, are daily points of consternation. Campaign gripes sometimes seem to share a wavelength with the X parody account New York Times Pitchbot, which has carved out a niche satirizing both sides journalism. Ammar Moussa, the Biden campaigns director of rapid response, posted on X recently that The Wall Street Journal had committed unbelievable journalistic malpractice for its story on what members of Congress allegedly say behind closed doors about the presidents mental acuity. The complaint among Bidens allies was that the story didnt include enough quotes from people who believe the president is up to the job.

Speaking broadly about this moment, Ducklo told me, Media cant cover this election like this is George W. Bush versus Al Gore. Donald Trump is a fundamentally, uniquely different candidate that has to be covered in a uniquely different way than ever before. What does this look like in practice? The Biden campaign seems to believe that journalists should stop reporting on polls, rallies, and other tentpoles of traditional presidential races, and instead devote their resources to telling Americans that Trump wants to be a dictator, over and over again. If that means ignoring Bidens missteps and weaknesses, well, the Biden campaign can accept that.

When I asked the Biden campaign about its relationship with the media, it emailed me a statement: This election isnt just about a few minor policy differenceswe are running against a guy that has all but promised to erode American democracy, rule as a dictator and strip Americans of their freedom Donald Trump has fundamentally changed the stakes of this election, and we firmly believe it is everyones job to not take their eye off the ball of just how dangerous Donald Trump has become to the basic fundamentals this country was founded on, the free press especially.

Most of the people willing to speak on the record about this issue have the word former in their job title. Former Deputy White House Press Secretary Eric Schultz, who served in Barack Obamas administration, has become one of the most fiery Democratic voices on the perceived 2024 problem. WSJ adopting the Arthur Sulzberger extortion approach: give us an interview or well parrot Republicans that Biden is too old, Schultz posted on X recently, attacking both that contentious Journal report and the New York Times publisher in the space of a few words.

Youre right, I pop off a lot on this online, Schultz told me. He also acknowledged that most readers of publications like the Times are probably supporting Biden, and that its the low-information voters whom Democrats need to do a better job of winning over. The instrument to reach swing voters in Michigan, Wisconsin, and Pennsylvania, for example, is not the Times, Schultz said, but that doesnt mean the way The New York Times covers this race is insignificant.

Schultz, who playfully referred to himself as a Democratic hack, said that he believes the media have fallen into their worst habit of covering only a single story each campaign cycle. In 2016, he said, that story was Hillary Clintons private email server. Although the media did obsess over Clintons emails, former FBI Director James Comeys very public investigation into the subject is what made it impossible to avoid. At any rate, reporters devoted tons of resources to documenting the 2016 Trump campaigns many scandals, including the infamous Trump Tower meeting about potential dirt on Clinton, and the Access Hollywood tape. Journalists were extremely tough on Trump then, as they are now.

But Schultz sees the past differently and now believes that 2024s single media narrative is Bidens age. He argued that if you were to ask 100 D.C. reporters which candidate is more capable of thinking through and discussing any policy issue, 100 of them would say Joe Biden. Yet Biden, he said, is the only one who gets hammered on age. Schultz even went so far as to say that political journalists have become Trumps enablers: The confluence of the burn-it-all-down message and journalists having a long-standing bias towards negativity it amounts to putting the thumb on the scale for Donald Trump.

Mark Leibovich: Ruth Bader Biden

Kate Bedingfield, a member of Bidens 2020 campaign team who went on to become his first White House communications director before leaving last year, echoed Schultzs larger critique. I am not arguing that Biden should never be criticized, she told me. I dont believe that. Yet she also sid that Bidens flubs on the campaign trail were being covered with the same intensity as, for instance, a Trump statement about how hed subvert the Constitution. Those two things are not comparable, and I dont think its a partisan statement to say that, Bedingfield said.

Biden allies are quick to bring up variations on that theme: The candidates are not comparable, but theyre being covered as if they were. Kate Berner, the White House deputy communications director until last year, suggested that one obvious and major difference between Trump and Biden was precisely their relationship with the media: Reporters feel unsafe covering Trump events, not Biden events.

I have covered many Trump rallies and have never felt unsafe, even when asking his supporters difficult questions. Its true, though, that vilifying the media has been a building block of Trumps political identity. Once, in an interview with 60 Minutes Leslie Stahl, Trump explained his motivation: The more he went after the media, the less voters would trust any negative story published about him. This strategy, in tandem with one coined by his former adviser Steve Bannon, to flood the zone with shit, has succeeded. And if Trump returns to office next year, he has threatened to prosecute his adversariespotentially including journalists.

The Biden campaign doesnt menace journalists, but it doesnt trust them, either. Biden has held the fewest press conferences of any American president since Ronald Reagan. And Biden staffers clearly believe they have every right to set the agenda of journalistic decision making. As Berner put it, Theres plenty of work that the White House and the campaign and others do behind the scenes to shape a story, to push back, to have editorial conversations. But when coverage is particularly out of bounds, its fair for them to make those criticisms public, because working the refs publicly is an important way of taking that spotlight and turning it around back on them. That this statement sounded Trumpian seemed lost on her.

Few people better understand the competing motivations of the media and politicians than David Axelrod. Long before becoming an architect of Barack Obamas presidential election campaign and a White House adviser, Axelrod was a newspaper journalist. He told me about covering City Hall in Chicago and having mayors threaten to expel him from the building because they didnt like the stories he was writing. Axelrods opinion on this strategy is that its ineffective.

Generally, my view is if you are spending your time complaining about news coverage, its kind of a losers lament and a waste of time, Axelrod said. He went on: Trading snarky asides with members of the news media is not, to me, putting points on the board. Unless youre going to embrace the idea that Trump has, which is youre gonna make the news media a foil I dont really sense thats their plan, he said of the Biden campaign.

Sometimes youre going to get a bad story that you deserve, he add later. And sometimes youre going to get stories that you dont like, but that are within the parameters of what good reporting is. And those you should let go.

Trump can win this race without favorable media coverage: By spending the better part of a decade turning the press into his staunch adversary, hes become dependent on negative stories. Critical reporting fires Trump up, but it also gives him material that he can use, in turn, to fire up his base. Trump has sold millions of voters on a fantasy world in which crooked journalists peddle fake news even when theyre recording, reporting, and broadcasting his quotes verbatim. He and his voters believe that any election Trump loses is rigged. That the former presidents trials are all shams. That the Democrats are one enemy, the Department of Justice is another, and the media are a third.

From the January/February 2024 issue: Is journalism ready?

Biden is in a different, arguably opposite position. His campaign argues that Democrats, unlike Republicans, are actually tethered to reality. Bidens people are desperately trying to convince voters that the country is in much better shape than most Americans seem to believe. That elections are safe. That the economy, and unemployment, are not as bad as youve heard. Bidens team needs voters to trust reputable publications that reliably print and publish factssuch as the Times and the Journal.

Then some campaign staffers and high-profile Democratic supporters turn around and attack these publications, in the process casting doubt on their reliability. Its a losing proposition.

When Luka Doncic works the refs, hes not helping his cause. Last Wednesday, during a pivotal game in the NBA Finals against the Boston Celtics, he was forced to sit on the bench with just minutes to go after fouling out (and complaining about it). When Biden-campaign allies work the media, theyre at best wasting time, suggesting that they have run out of better ideas for how to try to save their candidate.

Bidens belief in the Constitution means he supports a free and independent press. Authoritarians rise by lying and sowing mistrust. If journalists are truly going to combat that forceas Bidens campaign implores them to dothey will have to be honest and rigorous about not just Trump but also his opponent.

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Can Calvin Pickard backstop another Cup Final rally for the Oilers?

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Can Calvin Pickard backstop another Cup Final rally for the Oilers?

There is an art to becoming a full-time NHL starting goaltender.

There is art, too, in being a successful NHL backup.

It requires embracing the unknown. It’s preparing to play without actually playing. There are long stretches of no puck touches — but the expectation of delivering your best at a moment’s notice.

That kind of pressure isn’t for everyone. But Edmonton Oilers‘ goaltender Calvin Pickard isn’t just anyone. He has forged a career excelling in secondary roles, the classic blue-collar contributor exemplifying work ethic and a straightforward mentality. One day at a time. One game after another.

It’s not easy. Pickard just makes it seem that way.

“I guess you’d say he’s one of the rare goalies,” Oilers forward Evander Kane said. “He’s just a normal guy. He’s really popular in [our] room.”

And how. Pickard has helped save Edmonton from back-breaking deficits in this NHL postseason not once, but twice. And Pickard could be on track to keep the Oilers alive again as they face elimination in Game 6 of the Stanley Cup Final against the Florida Panthers on Tuesday (8 p.m. ET, TNT/Max).

That’s as pressure-packed as it gets, yet Pickard’s most recent efforts showcased a goalie at his peak.

Pickard entered the Final as Edmonton’s No. 2 behind Stuart Skinner. He looked on as the Oilers split the series’ first two games, and then entered troubled waters. Skinner started again in Game 3, and Florida pounded Edmonton 6-1. Coach Kris Knoblauch replaced Skinner with Pickard late in that debacle, where all Pickard could offer was cleanup duty.

Edmonton moved on to Game 4 with a 2-1 series deficit, carrying an undeniable whiff of fragility that was about to be painfully exposed.

Knoblauch passed over Pickard for Skinner as his starter. The result was disastrous. Skinner gave up three goals on 14 shots in the first period, for an .824 save percentage. Edmonton limped off the ice down 3-0 and Knoblauch had to do something.

Enter Pickard.

The 33-year-old took over Edmonton’s crease and backstopped them to a shocking comeback as the Oilers scored three second-period goals for a 3-3 tie heading into the third. Pickard was excellent holding off the Panthers’ attack with tough, critical stops that gave the Oilers a chance to offer some goal support at the other end. And Edmonton’s eventual 5-4 victory in overtime would not have been possible without Pickard’s 22 saves.

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2:24

How ‘clutch’ Calvin Pickard helped spur Oilers to Game 4 win

Steve Levy and Kevin Weekes break down the Oilers’ comeback win in overtime in Game 4 to even the series with the Panthers.

It was simple enough then that when the series returned to Edmonton tied 2-2 going into Game 5 on Saturday that Pickard would have at least 24 hours notice of his next playing time. That it was happening in the Cup Final could rattle other goalies who hadn’t actually started a full game in five weeks.

But then again, Pickard isn’t a typical backup. He’s built differently.

“I guess you could look at [Game 5] as the biggest game in my life, but the last game was the biggest game in my life until the next one,” Pickard said. “It’s rinse and repeat for me. It’s been a great journey; I’ve been to a lot of good places. Grateful that I had the chance to come to Edmonton a couple years ago, and this is what you play for. I’m excited.”

The game itself didn’t go to plan for Edmonton. The Oilers fell behind early — again — and this time no number of eye-popping stops by Pickard (including a massive one on Carter Verhaeghe in the first period) could save Edmonton from itself in a 5-2 loss.

Pickard’s stat line was weak — giving up four goals on 18 shots for a .778 save percentage — but Knoblauch wasn’t convinced he was the problem. Nor would Knoblauch commit to him for Game 6.

“I’m not going to make that decision right now after a tough loss tonight,” the coach said after Game 5. “But from what I saw, I think Picks didn’t have much chance on all those goals. Breakaways, shots through screens, slot shots. There was nothing saying that it was a poor performance.”

It was Pickard’s first loss in the postseason, a testament to his body of work. It wasn’t so long ago he was in control of the Oilers’ crease. A stronger team effort in front of Pickard could have him shining there again Tuesday; Edmonton has been outscored 15-8 in its past three games, a frustrating reality given the Oilers’ depth of offensive talent and defensive capabilities.

“The quality of opportunities were really good [in Game 5], so there’s no fault at Calvin at all on any of those goals,” Knoblauch said. “When the pressure’s not on [the goalies] that they have to make every single save to keep this close or keep us ahead [it’s better]. It’d be nice to get some goal support. [Game 5] was a case where we were having difficulty generating offense. It’d be nice to have that lead and play knowing that they have to open things up when they’re trailing.”


THE OILERS WERE in a bad spot midway through the first round.

They’d entered the playoffs among the field’s Cup favorites after making the Final a year ago, falling there in Game 7 to the same franchise they’re battling now. The Oilers rebounded in a strong regular season, finishing third in the Pacific Division with 101 points.

It was worrisome then that they started the postseason with a thud, falling behind 2-0 in their first-round series against the Los Angeles Kings. Skinner was Edmonton’s starter at the time, and had given up 11 goals in those two defeats. Pickard had watched (almost) all of it happen from the bench, save for a brief appearance late in Game 2.

Knoblauch tapped Pickard to start in Game 3. Cue another comeback.

Pickard helped the Oilers reel off four straight wins to vanquish the Kings and send Edmonton to the second round. He peeled off another pair of wins against the Vegas Golden Knights to spot Edmonton a 2-0 series lead — only to sustain a lower-body injury in Game 2 that would cut his magical postseason run off at 6-0-0 with an .892 save percentage and 2.76 goals-against average.

Edmonton again turned to Skinner, who responded with a sensational run of his own leading the Oilers through their Western Conference finals series against the Dallas Stars. The now-healthy Pickard was more of a spectator again. Biding his time had become second nature.

“The last couple of years, [Skinner] has played much more than I have,” Pickard said. “So, practice time is huge for me. [Our staff] has me dialed in when I’m not playing and doing different drills to replicate situations in games, and for when that chance comes.”

Pickard has learned how to leverage his reps, perceiving each one as meaningful even when the outcome is a foregone conclusion.

“Getting the time in Game 3 [of the Final] at the end, even when it was out of hand there [with the score], it’s still good ice time for me to get out there and see game action,” Pickard said. “That propelled me to be ready for Game 4. [Any of that] practice time’s huge.”

It’s also fitting for a goalie like Pickard — who can revel entering a rout — to be on the path to a potentially distinctive feat. According to ESPN Research, the last time multiple goalies on a Cup-winning team recorded decisions in a Final for non-injury related reasons was when the Boston Bruins alternated between Gerry Cheevers and Eddie Johnston in 1972. Cheevers started Game 1, Game 3 and the clinching Game 6 in that series.

Skinner and Pickard are also only the second tandem in NHL history to have each recorded at least seven victories in a single postseason, joining Marc-Andre Fleury (nine wins) and Matt Murray (seven) during the Pittsburgh Penguins‘ Cup run in 2017.

But Pickard’s road here wasn’t quite like his predecessors — or his current goalie teammate.

Pickard was drafted by Colorado in the second round at No. 49 in the 2010 NHL draft. His first and only season as a starter for the Avalanche was in 2016-17, when he filled in for injured Semyon Varlamov.

Colorado exposed him that summer in the expansion draft and Pickard was selected by Vegas, with the idea he’d be Fleury’s backup. But the Golden Knights also selected Malcom Subban off waivers and put him behind Fleury instead. Pickard was then put on waivers and picked up by the Toronto Maple Leafs, who sent him to the minors.

From there, the New Brunswick, Canada, native kept moving around, waived by Toronto and then Philadelphia before a brief stint in Arizona. In July 2019, Pickard signed as a free agent with the Detroit Red Wings — his fifth team in two years — and still couldn’t take hold in the NHL. He toggled between the Red Wings and the American Hockey League for three seasons.

In July 2022, Pickard arrived in Edmonton … sort of. He signed a two-year, two-way deal with the club and spent his first season in the AHL. Pickard finally saw sustained NHL play the next season as the Oilers grappled with struggling starter Jack Campbell, giving Pickard his most games in the league (23) since 2016-17. That was enough to keep him on as Skinner’s backup this season.

The rest, as they say, is history. Pickard’s patience through the process has impressed those teammates now relying on him to pull them through to a Cup title.

“He’s been doing this for a long time, he has a ton of experience and been to a lot of different dressing rooms,” Kane said. “That can help you along when you do come on to different teams, making a little bit of an easier transition. Now you’re just seeing that off-ice translate on to the ice with his performance, and how much he’s helped us to where we are here today … in the Stanley Cup Final.”

If people weren’t paying attention to Pickard when he stepped in for Skinner against the Kings, there’s no doubt all eyes are on him now. It’s attention that Pickard has earned.

“[Pickard is] someone who’s just kind of stuck with it all along and he’s been a true pro and a great person all the way through,” Edmonton captain Connor McDavid said. “I think good people get rewarded and he works as hard as I’ve seen. Couldn’t be more deserving.”


KNOBLAUCH ISN’T ONE to be rushed.

He has been cagey about naming a starter throughout the Final. That will hold true again for Game 6.

“[It’s] a conversation with the staff, obviously our goaltending coach, Dustin Schwartz, but with all the assistants, the general manager,” Knoblauch said. “[We’ll] kind of weigh in how everyone feels and what’s best moving forward. It’s not an easy decision. We’ve got two goalies that have shown that they can play extremely well, win hockey games and we feel that no matter who we choose, they can win the game.”

Pickard’s numbers in the series (.878 SV%, 2.88 GAA) are stronger than Skinner’s (.860 SV%, 4.20 GAA) and they are on par for the entire postseason (Pickard holds an .886 SV% and 2.85 GAA to Skinner’s .891 SV% and 2.99 GAA). Their records, though, are quite different: 7-1 for Pickard, 7-6 for Skinner.

So, who gives the Oilers their best chance to win Game 6 and drag Florida back to Edmonton for a second straight Game 7 finale between these teams in the Cup Final?

If Pickard does get the call, it will be a culmination of 10 years of consistent effort to be trusted when there’s no tomorrow. There’s only the present moment — where the right backup goalie has always been trained to stay ready.

play

1:26

Weekes perplexed by Oilers: ‘They look like a shell of themselves’

Kevin Weekes calls out the energy level by the Oilers in their Game 5 loss to the Panthers in the Stanley Cup Final.

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Business

Israel-Iran conflict poses new cost of living threat – here’s why

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Israel-Iran conflict poses new cost of living threat - here's why

The UK’s cost of living crisis hangover is facing fresh pressure from the Israel-Iran conflict and growing tensions across the Middle East.

Whenever the region, particularly a major oil-producing country, is embroiled in some kind of fracas, the potential consequences are first seen in global oil prices.

The Middle East accounts for a third of world output.

Money latest: ‘Unusual movement’ in house prices

Iran’s share of the total is only about 3%, but it is the second-largest supplier of natural gas.

Add to that its control of the key Strait of Hormuz shipping route, and you can understand why any military action involving Iran has huge implications for the global economy at a time when a US-inspired global trade war is already playing out.

What’s happened to oil prices?

Global oil prices jumped by up to 13% on Friday as the Israel-Iran conflict ramped up.

It was the biggest one-day leap seen since Russia invaded Ukraine in February 2022, which gave birth to the energy-driven cost-of-living crisis.

From lows of $64 (£47) a barrel for Brent crude, the international benchmark, earlier this month, the cost is currently 15% higher.

Iran ships all its oil to China because of Western sanctions, so the world’s second-largest economy would have the most to lose in the event of disruption.

Should that happen, China would need to replace that oil by buying elsewhere on the international market, threatening higher prices.

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How the Middle East conflict escalated

How are natural gas prices holding up?

UK day-ahead prices are 15% up over the past week alone.

Europe is more dependent on Middle East liquefied natural gas (LNG) these days because of sanctions against Russia.

The UK is particularly exposed due to the fact that we have low storage capacity and rely so much on gas-fired power to keep the lights on and for heating.

Israel-Iran latest: Tehran threatens to leave nuclear treaty

The day-ahead price, measured in pence per therm (I won’t go into that), is at 93p on Monday.

It sounds rather meaningless until you compare it with the price seen less than a week ago – 81p.

The higher sum was last seen over the winter – when demand is at its strongest.

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Aftermath of Iranian missile strike in northern Israel

What are the risks to these prices?

Market experts say Brent crude would easily exceed $100 (£74) a barrel in the event of any Iranian threats to supplies through the Strait of Hormuz – the 30-mile wide shipping lane controlled by both Iran and Oman.

While Iran has a history of disrupting trade, analysts believe it will not want to risk its oil and gas income through any blockade.

What do these price increases mean for the UK?

There are implications for the whole economy at a time when the chancellor can least afford it, as she bets big on public sector-led growth for the economy.

We can expect higher oil, gas and fuel costs to be passed on down supply chains – from the refinery and factory – to the end user, consumers. It could affect anything from foodstuffs to even fake tan.

Increases at the pumps are usually the first to appear – probably within the next 10 days. Prices are always quick to rise and slow to reflect easing wholesale costs.

Energy bills will also take in the gas spike, particularly if the wholesale price rises are sustained.

The energy price cap from September – and new fixed-term price deals – will first reflect these increases.

Read more:
How conflict between Israel and Iran unfolded
UK advises against all travel to Israel
Explosions over Jerusalem as missiles ‘detected’ by IDF

How does this all play out in the coming months?

So much depends on events ahead.

But energy price rises are an inflation risk and a potential threat to future interest rate cuts.

While LSEG data shows financial markets continuing to expect a further two interest rate cuts by the Bank of England this year, the rate-setting committee will be reluctant to cut if the pace of price growth is led higher than had been expected.

At a time when employers are grappling with higher taxes and minimum pay thresholds, and consumers a surge in bills following the ‘awful April’ hikes to council tax, water and other essentials, a fresh energy-linked inflation spike is the last thing anyone needs.

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U.S. Steel shares rally as Trump approves Nippon takeover with unique government ‘golden share’

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U.S. Steel shares rally as Trump approves Nippon takeover with unique government 'golden share'

U.S. President Donald Trump walks as workers react at U.S. Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, U.S., May 30, 2025.

Leah Millis | Reuters

U.S. Steel shares jumped on Monday after President Donald Trump approved its controversial merger with Japan’s Nippon Steel.

U.S. Steel shares were last up about 5% in premarket trading.

Trump issued an executive order on Friday that allowed U.S. Steel and Nippon to finalize their merger so long as they signed a national security agreement with the U.S. government. The companies said they signed the agreement with the government, completing the final hurdle for the deal.

U.S. Steel said the national security agreement includes a golden share for the U.S .government, without specifying what powers the government would wield with its share. Trump said on Thursday that the golden share gives the U.S. president “total control.”

Typically, golden shares allow the holder veto power over important decisions the company makes. Pennsylvania Sen. Dave McCormick told CNBC in May that the golden share will give the U.S. government control of several board seats and ensure production levels aren’t cut.

Trump has avoided calling the transaction a merger, describing the deal instead as a “partnership.” U.S. Steel confirmed in a regulatory filing Monday that the company will become a wholly owned subsidiary of Nippon Steel North America.

“All regulatory approvals required for the completion of the Transaction have been received,” U.S. Steel said in a filing with the Securities and Exchange Commission on Monday. “The Transaction remains subject to the satisfaction of customary closing conditions, and is expected to be completed promptly.”

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