Sacks supports government-backed protection of US Steel and strategic industries like steel and rare earths, arguing the 'free market' was distorted by Chinese WTO subsidies and dumping, making government intervention necessary for national security.
steel production is definitely strategic. Steel, aluminum, and I'd say the rare earths, we have to have that capacity. We cannot be completely dependent on China for our supply chain.” ⚑
Chamath is bullish on the Nippon-US Steel deal structure as a model for strategic government partnership — with a 'golden vote' — arguing it can revive a stranded asset and create long-term value, similar to national champion frameworks in Brazil, the UK, and China.
I think this is a really important example of things that we need to copy... this strategy has worked for many other countries really well” ⚑