U.S. Steel

I’ve been an advocate for free trade for most of my professional life, but I recognize that the era of unfettered globalization is coming to an end. Covid revealed some of the folly of overstretched supply chains and an antiglobalization populism is sweeping the developed world.

Last week, President Joe Biden blocked the Japanese company Nippon Steel’s proposed acquisition of U.S. Steel, citing national security concerns. This decision, however, contradicts advice from his own national security aides, who saw no such threat—especially given Japan’s status as one of America’s closest allies. Unsurprisingly, the move has left the Japanese government insulted. But Biden didn’t just alienate an ally; he also dealt a blow to the American union workers he claims to champion.