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.

WASHINGTON (Reuters) -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.S. Steel.

The U.S. government will have veto power over key decisions relating to U.S. Steel , as part of a deal with Nippon Steel that would approve the Japanese firm's bid for the well-known American steel company,