Trump Administration Expands Equity Stakes to Nearly 30 Companies
A Foreign Policy analysis argues Trump's government has moved from a single 'golden share' in U.S. Steel to broad ownership stakes across the economy, even as it warns of 'communism.'
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Summary, timeline and people extracted by Claude from 4 items across 4 sources · 2h ago. Quotes are verbatim.
Foreign Policy reporter Keith Johnson documents how the Trump administration's initial 'golden share' arrangement with U.S. Steel has expanded into equity stakes in roughly 30 companies spanning rare earths, mining, metals and semiconductors. Analysts quoted in the piece say the intervention lacks a coherent strategy and is driven by presidential whim rather than industrial policy, a striking shift for a party that has long championed free markets.
- The U.S. government now holds equity stakes in as many as 30 companies, up from an initial 'golden share' arrangement with U.S. Steel.
- Intervention has concentrated on rare earths, mining, metals, and semiconductors, alongside pressure campaigns on oil majors ExxonMobil and Chevron.
- Analysts, including Cato Institute's Tad DeHaven, describe the interventions as lacking coherent strategy, driven instead by personal presidential decisions.
- The piece contrasts Trump's approach with other countries' state capitalism, arguing his administration has turned it into a revenue stream via tariff exemptions and special carve-outs.
How it unfolded
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Foreign Policy's own account and other accounts share the piece, framing it as a government takeover of 'vast swathes of the economy.'
“What started with a “golden share” in U.S. Steel has morphed into a government takeover of vast swathes of the economy.”
foreignpolicy.com · Bluesky ↗ -
The article is picked up and flagged as a new must-read on the political aggregator memeorandum.
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Keith Johnson's analysis reports the U.S. government now holds equity stakes in as many as 30 companies and argues the intervention has become a revenue stream rather than a strategic industrial policy.
“There are some novel economic changes going on, and nobody is talking about it.”
Tad DeHaven · Press ↗ - 11 days quiet
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Trump publicly browbeat major oil companies over refining margins as the economic toll of the Iran war pushed gasoline prices higher.
- 82 weeks quiet
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The administration's initial move into direct government equity ownership began with a golden-share arrangement in U.S. Steel, described as the starting point for a broader pattern.
What people are saying verbatim
“There are some novel economic changes going on, and nobody is talking about it.”
Tad DeHaven, Analyst, Cato Institute · Foreign Policy ↗ · Aug 10
“Since it is driven by one man’s personal desires, there is no plan and no strategy. It changes by the day.”
Tad DeHaven, Analyst, Cato Institute · Foreign Policy ↗ · Aug 10
“The spin is always, ‘It’s just the critical industries.’ There is not some sophisticated plan here. This is someone who wants to exercise control over…”
Tad DeHaven, Analyst, Cato Institute · Foreign Policy ↗ · Aug 10
“What started with a “golden share” in U.S. Steel has morphed into a government takeover of vast swathes of the economy.”
foreignpolicy.com, Publisher account · Bluesky ↗ · Aug 10