Champions of free markets should applaud the recent announcement of a deal in which Nippon Steel, a Japan-based company, will buy U.S. Steel. Instead of focusing on government-imposed tariffs that allegedly protect steelmakers (these taxes raised steel prices to American manufacturers and manifestly failed in saving jobs), the market has found a positive way forward that will strengthen this vital industry and benefit its thousands of workers.
Moreover, this transaction will be a blessing for our national security. It begins to deepen a critical partnership with a crucial ally at a time of increasing belligerence by Beijing. China’s headlong military expansion threatens free world access to vital international waterways such as the South China Sea.
