Biden’s Foolish Snub of Nippon Steel
Nippon Steel’s proposed $15 billion acquisition of U.S. Steel “appears to deserve serious scrutiny,” the White House said Thursday. The statement came after an outcry from protectionist lawmakers, including Sen. John Fetterman (D., Pa.), who have cited union and national-security concerns and vowed to block the sale. The anti-Japanese business rhetoric is reminiscent of the 1980s, when U.S.-Japan trade tensions threatened to undermine a critically important bilateral alliance during the Cold War.U.S. politicians’ unjustified criticisms of the deal could strain relations between the U.S. and Japan and weaken their collaboration on trade and economic security. The White House should work with allies on economic and military cooperation, not criticize them.Copyright ©2023 Dow Jones & Com...
