1

Let us go

is a correct construction in the English language and definitely not:

Let we go

However, the question is: since us is an object-case pronoun, what is the subject of this sentence?

2

It's an imperative, and in English the imperative tense only is possible in the second person.

So grammatically, the subject has to be "you".

It can't be interpreted literally; it's an idiom whose meaning isn't really an imperative that you do something, but a suggestion that we do something.

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