by Rod Willliams, Sept 11, 2024- The author argues that there is no rational reason to oppose a Japanese company buying US Steel. There is not a national security interest in preventing the purchase and not an economic objection. He argues that although imperfect, open markets are still the best path to national prosperity.
It has been my inclination to believe this and am pleased to see the argument articulated. In my view, much of the argument for tariffs, for "buy American," for "America First," and opposition to "globalism" is grounded in xenophobia, populist nationalism, and jingoism. I am a patriot and love this country, but being a patriot does not mean one suspends reason. For most things I buy, I don't care where they are made. I have no preference for "made in America."
Free trade in the era of Trump has fallen out of favor with people who think of themselves as conservative. Support for a market economy and free trade used to be a bedrock principle. Liberals had been protectionist, to shore up support among labor unions and because they genuinely are less committed to a market economy than are conservatives. Now we are seeing both parties embrace statism and protectionism. While there in logic in having secure supply lines and not being reliant on adversaries for critical recourses, we should not abandon the benefits of trade and a more connected integrated world.
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