Swallowing America’s pride would be worth it in Japanese company’s deal to buy United States Steel

Editor’s Note: This is a shortened piece of Newsham’s article published in Japan-Forward.

“Countries have no friends … only interests” — or so goes the paraphrased version of Lord Palmerston’s statement.

So 19th-century British Empire.

Maybe Palmerston was right, though.

Japan’s largest steel company, Nippon Steel, wants to acquire U.S. Steel — once a symbol of American industrial and technological prowess.

President Biden opposes the deal — only two months after telling Japan’s prime minister the America-Japan relationship is rock solid.

President Trump and Senator Vance also oppose the deal.

It’s said that “foreigners” getting ahold of U.S. Steel is a national security risk.

A country should watch its key industries — and who owns them.

Only maybe the U.S. Steel deal’s biggest problem is that it’s embarrassing.

People are tribal. Everyone wants the “home team” to succeed — and on its own.

It’s also embarrassing that America’s elites shipped much of our country’s manufacturing overseas in past decades.

Senior Fellow