President Donald Trump boasted on Monday about the administration Intel And said he was determined to reach a similar deal.
The president posted on Truth Social: “I will make such a deal for our country all day.”
Trump added that “stupid people” are upset by what he said, which will bring more money and work to the United States
“I will also help companies that have made such profitable companies with the United States. … I love seeing their stock price rise, making the United States richer and richer,” he said. “There are more jobs in the United States!!! Who doesn't want to make such a deal?”
White House economic adviser Kevin Hassett said early in the morning that Intel's move is part of a broader strategy to build a sovereign wealth fund that could include more companies.
In a deal marking a further federal invasion with private companies, the White House announced Friday that it occupied 10% of the debris giant. The shares are worth approximately $8.9 billion, some of which will come from grants related to the Chip Act, while the rest will be distributed by the government to target programs related to the manufacturing of security chips.
Hassett stressed that the government would not be involved in the company's operations, but the move is part of an ongoing plan.
“Well, I think this is a very, very special situation,” Hassett, director of the National Economic Commission, said in an interview with CNBC's “Squawk Box.” “But the president has clearly returned to the campaign and he thinks that in the end, it would be great if the United States can start building sovereign wealth funds. So, I'm sure at some point, if it's not the industry, then at some point, there will be more deals.”
Trump signed an executive order in early February to establish a sovereign wealth fund, which is mainly used by smaller countries with extensive natural resources, and these mechanisms are used as a funding backend for transactions. Norway leads the world with about $1.8 trillion in assets, according to the Sovereign Wealth Fund Institute. Next is China, and many Middle Eastern countries also have a lot of funds.
Hassett said that while the U.S. government held a large number of positions in the company was not unheard of, shares of Fannie Mae and Freddy Mack were cited after the financial crisis.
“We absolutely don't do the business of picking winners and losers,” he said. “But it's not something unprecedented.”
Hassett added the move is part of the government's strategy, which includes tariffs that encourage more companies to produce onshore.