The hidden costs of Biden’s steel protectionism

Ever since news broke in December of the acquisition of US Steel, an iconic industrial firm, by Nippon Steel, a Japanese competitor, opponents have lined up to condemn the deal. On March 14th Joe Biden joined the chorus, saying that it was “vital” for the business to be domestically owned. “I told our steelworkers I have their backs,” he said, “and I meant it.” Others, including trade unions, see American ownership as the best way to preserve local jobs and investment. Free-traders rightly dispute such claims, but even they might accept an economically unsound idea for political reasons. If blocking the deal helps Mr Biden win crucial swing states and thus keeps Donald Trump from returning to the White House, surely that would be better for America and the world?