A bit further musing here.  I agree with you, but I find the increasing amount of foreign ownership more troubling than 'free trade' because it tends to remove mind share from the country, and put the reins somewhere else.  At least in a trade deal between equals the economy of both countries stands to gain, and if the playing field is level, which it never is with China, and increasingly not with the USA, you do control your destiny.  To my experience, foreign owners also tend to make decisions that favour the parent over the branch plant in terms of innovation, sourcing of expertise and cost consolidation efforts.  Foreign ownership by Americans was a significant media pre-occupation in the 1960s and 1970s and abated during the 'free trade' era.