US EditionLutnick Defends Trump Push for Intel Stake: ‘This Is Not Socialism’
The US government acquired a 10% non-voting stake in Intel for $8.9 billion to strengthen domestic chip production and aim for taxpayer returns, despite criticism.
- The Trump administration reached a deal last week for the U.S. government to buy nearly $9 billion in shares and acquire a 10% stake in Intel.
- This deal arose because the government was distributing funds from the 2022 CHIPS and Science Act and aimed to bolster domestic chip manufacturing through a combination of grants and stock purchases.
- White House adviser Kevin Hassett said this is a special case given the massive CHIPS Act spending, and Trump defended the multi-billion-dollar deal as beneficial to the country and claimed he paid zero for Intel.
- Trump shared on Truth Social that the stock price is increasing, emphasized that all benefits go to the USA, and suggested the government might pursue ownership interests in additional technology firms, while the government’s investment includes $5.7 billion in grants.
- Critics warn the government stake could cause market intervention and hamper Intel's competitiveness, while economists caution this level of government involvement may reduce economic dynamism and long-term investment.
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Lutnick defends Trump push for Intel stake: ‘This is not socialism’
Commerce Secretary Howard Lutnick pushed back Monday on Republican criticism that President Trump’s deal to acquire a 10 percent stake in Intel, one of the nation’s biggest chipmakers, is a step toward socialism and a major break with conservative free-market principles. Lutnick specifically rebuked Sen. Rand Paul (R-Ky.), who called the deal a “terrible idea”…
·Washington, United States
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Trump unloads on 'stupid people' who criticize his INTEL deal
·West Palm Beach, United States
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Total News Sources27
Leaning Left4Leaning Right6Center10Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 20%
C 50%
R 30%
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