r/neoliberal • u/Saltedline Hu Shih • Dec 03 '24

Trump vows to block Nippon Steel's planned purchase of US Steel News (Asia)

https://mainichi.jp/english/articles/20241203/p2g/00m/0bu/020000c

376 Upvotes

98% Upvoted

346

u/Kebebe45 Bisexual Pride Dec 03 '24

The so called “anti-China” candidate deciding to throw one of our biggest allies in the Pacific under the bus in the name of brainless xenophobic nationalism.

92

u/DangerousCyclone Dec 03 '24

Japan is widely seen as being the reason the US Steel industry declined. The real reason is that US Steel was badly mismanaged and its main response to competition was to lobby for tariffs, but hey both parties agreed that this was something they needed to protect, neither thought to point out that this is a government intervention to prop up a zombie company that wants to die and that isn’t even that important to US Steel manufacturing anymore.

26

u/BBQ_HaX0r Jerome Powell Dec 03 '24

Reminder to make your company name something awesome and patriotic so you can lobby politicians for special favors. I should get my MBA from Harvard now.

2

u/Aidan_Welch Zhao Ziyang Dec 03 '24

You need a name that makes you sound like a government entity so people trust you. Like USAA, or National Public Data

3

u/JohnStuartShill2 NATO Dec 03 '24

In 1931, a private bank called "The Bank of the United States" went bankrupt due to liquidity shortage + bank run. It was widely reported without context, and people literally thought the official U.S. gov't bank collapsed, and sent more people to run their banks.