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Curtis J. Milhaupt
Global stock exchanges today operate in a transformed environment. They remain commercial enterprises competing for listings, but they are also strategic assets deeply embedded in state policy and geopolitical rivalry.
Invoking national security and the economic rivalry with China, the Trump administration is pursuing legally dubious interventions and control of private industry, with potentially high costs for US dynamism. Like the panic over Japan's rise in the 1980s, the administration's response is unwarranted and counterproductive.