Trump and Harris: Ignoring Economic Realities in 2023

In 2023, Donald Trump and Kamala Harris both expressed intentions to block Nippon Steel's $14.9 billion acquisition of U.S. Steel. Their decisions appear to be influenced by public opinion rather than sound economic reasoning. The article argues that both candidates prioritize their political ambitions over making beneficial choices for the steel industry. The author suggests that if the buyer were based in the U.S., the acquisition would likely proceed without opposition, highlighting a bias against foreign investment. The piece emphasizes the importance of capital investment for businesses, particularly in the steel sector, which is essential for growth and innovation. Without such investments, companies like U.S. Steel may struggle to evolve and compete effectively. The author challenges the notion that foreign ownership poses a national security risk, asserting that American producers would still rely on global steel supplies regardless of the source. Furthermore, the article critiques the leadership qualities of both Trump and Harris, suggesting that true leaders should guide public opinion towards more informed decisions rather than simply catering to popular sentiment. The author points out that Harris, hailing from a wealthy state, should understand the value of foreign investment, yet she too succumbs to polling pressures. Ultimately, the article calls for a reevaluation of the candidates' stances on foreign investment in the steel industry, urging them to prioritize sound economic policies over political expediency. It highlights the need for leaders who can foster better understanding and acceptance of necessary investments for the future of American industries.