President Trump recently declared his public support for a deal between American company US Steel and Japanese company Nippon Steel. 

First proposed back in late 2023, the potential merger between the two companies has been the source of great controversy, with former President Joe Biden even blocking the deal on national security grounds and many, including Trump himself, recoiling at the idea of such an iconic American company as US Steel falling into foreign hands.

However, as I wrote in this column in July of last year, despite the understandable concerns presented, if done correctly and under certain conditions, this deal could potentially not only save US Steel but also serve to catalyze America's industrial renewal while providing a template for future foreign investment. 

In registering his approval for the deal, President Trump has come to view it similarly and, if anything, has vastly improved its terms for America.

Initially proposed as an outright takeover of US Steel by Nippon, President Trump is now presenting it as a partnership between the two companies and, in many ways, between their respective nations. 

Although the specifics have yet to be fully disclosed and are still being finalized at the time of this writing, Nippon reportedly plans to invest $14 billion in US Steel's operations, including $4 billion in a new steel mill. The combined entity will have an American CEO and a US-majority board.

According to President Trump, this partnership is expected to create 70,000 jobs.

To ensure Nippon's promises are kept, the US government may reportedly hold a "golden share" in the combined entity, providing the United States with a measure of control over it, including who is appointed to the company's board and even potential veto authority over management decisions that are not in the United States' interests.

Trump has stated, and rightfully so, that without America having this level of control, he would not move forward with the deal. 

While some free-market absolutists may bemoan this fact, it represents the best of both worlds—necessary foreign investment in strategically important US industries while retaining America's ability to protect its vital economic and national security interests. All while ensuring US workers are benefited. 

The deal will also allow US Steel, and by extension American industry as a whole, to access and further develop next-generation technology from Nippon, which, as noted by US Senator David McCormick from Pennsylvania, where US Steel is headquartered, is a world leader. 

Moreover, the alternative is that US Steel continues to languish, like America's once-storied steel industry generally, or is dismantled for parts by private equity, resulting in thousands of American workers being laid off. 

This presents an unacceptable and potentially even dangerous outcome, as the steel industry is crucial to America's industrial base and, ultimately, to its national defense.  

Additionally, the deal effectively kills two birds with one stone, representing both a huge win for US industrial reshoring and revitalization while at the same time deepening ties with one of America's greatest allies, Japan.

In this respect, the deal may signal a further strengthening of the US-Japan strategic partnership in other areas, such as trade, infrastructure, energy, and defense, and even set the stage for greater economic and national security coordination between the two nations.

Conversely, killing the deal could likely result in the opposite. 

Indeed, the deal has not only significant domestic but also geopolitical implications, especially as it relates to China—America and Japan's mutual adversary. 

In this regard, the deal may strengthen Japan's appetite for additional and more robust investments in US national and economic security priorities, as well as further alignment on mutual strategic imperatives, such as denying China access to advanced technologies. 

Ultimately, the deal may serve as a model for future foreign investment and partnerships with other allies in America's strategic sectors and industries.

As I wrote previously, economic nationalism does not mean rejecting foreign investment; instead, access to America's vast market and its essential sectors must be negotiated on terms advantageous to the United States and in ways that advance the nation's vital interests. 

President Trump not only appears to understand this fact fully, but with the Nippon-US Steel partnership, he is actively putting it into practice.

In the end, the goal is to rebuild and strengthen America and to do so on its terms with beneficial assistance from US allies, for whom America, throughout the decades, has given so much. 

The Nippon-US Steel partnership helps achieve this goal and represents a win-win for America, and it should, therefore, be celebrated.

Lee Steinhauer is a strategic policy and political consultant known for his book "The Art of The New Cold War: America vs China. What America Must Do to Win." Lee is a frequent guest on Fox, Fox Business, and Newsmax and a published policy and opinion writer for numerous media publications.