Matsushita Revisited: Can U.S. Antitrust Address Foreign State Mercantilism Without Abandoning Free Markets?

Over about two decades, China’s industrial and trade policies have transformed global markets in critical materials and technologies. These policies give rise to a complex mix of competitive effects, including both reduced prices reflecting scale economies and potential subsidy-driven distortions in pricing, output, variety, and innovation. In this environment, U.S. antitrust law faces a central challenge: preserving open markets that enable entry by efficient competitors while addressing anti