The proposed acquisition of U.S. Steel, an iconic U.S. corporation, by Nippon Steel of Japan has drawn unusual attention from Washington, putting the fate of the deal in doubt. Reporting about a secretive government review of the acquisition suggests a final decision will be made shortly after the election, but the troubled status of the acquisition has prompted sharp criticism. For decades, the U.S. government observed an “open investment” policy: neutrality concerning foreign investments into, and acquisitions of, U.S. companies. There is little doubt this has been beneficial, as the U.S. has become the largest recipient of foreign investment. But the handling of the steel deal, acco
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