Roger Lowenstein acknowledges that Biden might be politically wise to oppose the acquisition of US Steel by a Japanese company, but, from a wider perspective, he finds this unfortunate manifestation of economic nationalism silly and counterproductive. After all, Japan is not a threat to national security, and this kind of pointless protectionism only costs jobs and offends our allies. Is he right, and should we expect more from Biden?
Yes, he is right, but no, we don’t have any good reason to expect more from a president who desperately needs the support of steelworkers to win Pennsylvania. Would it really be worth it to take an unpopular stand on free trade that could throw the entire election to Trump and put American liberal democracy in danger? I think not.
Biden needs to pick and choose his battles on free trade. Opposing the massive new Trump tariffs provides him an opening based on America’s loathing of inflation; he definitely should take it. Arguing about the fate of US Steel, on the other hand, is a vote loser. If he had a huge lead, it might be worth trying, but not now.