IF THERE is one impulse that brings together Republican and Democratic lawmakers, it’s what can be described as “economic xenophobia” – the alleged “threat” of foreigners penetrating the American marketplace through trade or investment. Recall the anxiety when Mitsubishi purchased the Rockefeller Center in 1989.

The latest example of American politicians railing against foreigners in the name of protecting US economic and security interests is the outcry on Capitol Hill against the plan by Japan’s Nippon Steel to acquire Pittsburgh-based US Steel for US$14.9 billion.

On the face of it, the announcement last December should have been cause for cheers since Nippon Steel is paying a 40 per cent premium over US Steel’s stock price.