American Greatness: We are all familiar with China’s predatory trade practices: intellectual property theft, subsidized exports, state-owned businesses masquerading as private enterprise, and counterfeit products just to name a few.
Beijing’s abuses are so numerous and so long-standing we pretty much expect them to cheat. If you’re China, “It’s what you do,” as the ad says.
But it’s worse when our allies use the same playbook to steal American technology and drive American companies into bankruptcy.
And that’s exactly what’s happening in South Korea right now.
In the 1960s, the South Korean government created POSCO (formerly known as Pohang Iron and Steel Company) and lavished it with grants, loans, and other subsidies.
These special favors, not available in a free-market system, helped POSCO grow into a sprawling conglomerate and the world’s largest steel manufacturer.
But the company doesn’t play by the same rules as American companies.
The Commerce Department found POSCO guilty of dumping steel into the United States at prices far below the cost of production—a tactic China uses regularly.
And dumping is not the only underhanded tactic POSCO has borrowed from China. read more
h/t Forcibly Rearranged.