Your point may have been valid back when companies were truly American companies.
Today, Corporations have no loyalty to any flag.
Understand your point as its largely true. However, I assume you’re familiar with the “golden share” of U.S. Steel and the DoD’s 15% stake in MP Materials, both of which occurred this year. Makes you wonder how many similar deals will occur and whether this is really a good path to go down. If a Democrat administration was doing stuff like this conservatives wouldn’t be too happy about it.
In addition to the government’s recent interests in MP Materials and U.S. Steel, according to Bloomberg the Trump administration is now talking with Intel about the US government potentially take a stake in that company. Not exactly something that one would normally associate with free market capitalism. Just saying.