US EditionWhite House’s Hassett says government likely to continue taking stakes in companies similar to Intel deal
The White House's 10% stake in a chipmaker is part of an $8.9 billion strategy using the CHIPS Act and sovereign wealth funds to secure domestic chip production.
- On Friday, the White House announced it was taking a 10% share of Intel, with Kevin Hassett calling the chips spending 'a very, very special circumstance.'
- Hassett linked the move to industrial policy by citing President Trump's early-February order to start a sovereign wealth fund and the CHIPS Act spending.
- Funding comes partly from CHIPS Act grants and separate government allocations, with the $8.9 billion transaction contrasting Norway's $1.8 trillion sovereign-fund assets and China's large funds.
- The administration emphasized precedents with Fannie Mae and Freddie Mac stakes post-financial crisis, stressing it's "absolutely not in the business of picking winners and losers," Hassett said.
- Hassett said the stake fits a broader plan to create a sovereign wealth fund that could include more companies, using grants and separate allocations alongside tariffs to encourage onshoring.
83 Articles
83 Articles
'Crazy': Cabinet official skewered after pushing 'obvious communist policies'
After President Donald Trump asserted that the United States obtained a 10 percent stake in computer chip manufacturer Intel at no cost, Commerce Secretary Howard Lutnick now says the government should pursue similar deals with other major companies, a proposal some critics liken to communism.“I pai...
'Communist policies': Commerce chief under fire for government ownership plan
After President Donald Trump asserted that the United States obtained a ten-percent stake in computer chip manufacturer Intel at no cost, Commerce Secretary Howard Lutnick now says the government should pursue similar deals with other major companies, a proposal some critics liken to communism.“I paid zero for Intel, it is worth approximately 11 billion dollars,” Trump wrote in his signature all-caps style on Monday. “All goes to the USA. Why ar…
‘Communist Policies’: Commerce Chief Under Fire for Government Ownership Plan
After President Donald Trump asserted that the United States obtained a ten-percent stake in computer chip manufacturer Intel at no cost, Commerce Secretary Howard Lutnick now says the government should pursue similar deals with other major companies, a proposal some critics liken to communism. “I paid zero for Intel, it is worth approximately 11 billion dollars,” Trump wrote in his signature all-caps style on Monday. “All goes to the USA. Why a…
Lutnick Suggests US Looking at Defense Industry After Intel Deal
US Commerce Secretary Howard Lutnick suggested the government is looking at the defense sector and other industries for potential stakes in companies after an unorthodox deal that saw the US obtain a 10% share in chipmaker Intel Corp.
Is American capitalism still capitalism?
Ian explains why “free market capitalism” looks very different today than in decades past. Recent news that the US government is taking a 10% equity stake in Intel is just one example of Washington moving toward a more state-driven economic model.While government subsidies for strategic industries like semiconductors may make sense, Ian warns that other industrial policies, like trying to re-shore large-scale manufacturing, risk being backward l…
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