On Monday, U.S. President Donald Trump boasted about the government's new stake in Intel and said he was determined to pursue a similar deal. "I would make deals like this all day long for our country," the president posted on Truth Social. Trump added that "stupid people" were unhappy with a move he said would bring more money and jobs to the United States
"I would also help the companies that made such lucrative deals with the United States... I would love to see their stock prices rise and make America richer and richer," he said. "Create more jobs for America!!" Who wouldn't want to make a deal like this? "
Earlier in the morning, White House economic adviser Hassett said the administration's move against Intel was part of a broader strategy to create a sovereign wealth fund that could include more companies.
On Friday, the White House announced that it would acquire a 10% stake in the chip manufacturing giant, marking a further step in the federal government's involvement in the private sector. The stakes are worth about $8.9 billion, part of which will come from CHIP Act-related appropriations, and the remainder will be separately allocated by the government for projects related to manufacturing security chips.
While Hassett stressed that the government would not be involved in the company's operations, he said the move was part of an ongoing plan.
"Well, I think this is a very, very unique situation because of the huge spending coming from the CHIPS Act," National Economic Council Director Hassett said in an interview. "But the president has made it clear on the campaign trail that he thinks it would be a good thing if the United States could start building a sovereign wealth fund. So I'm sure at some point there will be more deals, if not in this industry then in other industries."
Trump signed an executive order in early February to launch a sovereign wealth fund, a mechanism used primarily by small countries with rich natural resources to finance deals. Norway has about $1.8 trillion in assets, ranking first in the world in such funds, according to the Sovereign Wealth Fund Institute. There is also significant funding in several Middle Eastern countries.
Hassett said that while it is unusual for the U.S. government to take large stakes in companies, it is not unheard of. He was referring to the U.S. government's stakes in Fannie Mae and Freddie Mac after the financial crisis.
"We are definitely not picking winners and losers," he said. "But it's not unprecedented."
Hassett added that the move is part of the government's strategy, which includes imposing tariffs to encourage more companies to move production domestically.