Washington, D.C. (1/30/2024) – A new piece by The Wall Street Journal editorial board highlights how the Biden administration’s failure to stand up for American companies against discriminatory regulations hurts U.S. innovation and benefits Beijing.
The editorial follows reports that the European Commission “intended to block” Amazon from acquiring the struggling U.S. company iRobot, resulting in the bid being dropped altogether. This is just the latest action in a pattern in which other countries have singled out U.S.-based businesses with discriminatory regulations, and underscores multiple calls from lawmakers on both sides of the aisle for the Biden administration to take a stronger stand for American businesses against international efforts to weaken U.S. companies’ ability to compete abroad.
Key excerpts from the piece include concerns that regulators are harming competition and consumers to the benefit of Pacific Rim companies in this sector.
“It’s hard to see who benefits from the deal’s collapse besides Beijing, which aims to dominate robotics and mass-produce humanoid robots by 2025. The iRobot rivals progressives are worried about are Chinese firms…
“…Regulator opposition to the deal could also chill U.S. investment and innovation more broadly by sending a signal to venture investors that bigger companies won’t be allowed to acquire startups. Acquisitions are one way venture firms earn a return on their early investments, which they can then plow into other startups…”
To read the full article, click here.
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