The Daily How Trump Is Changing American Capitalism
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Sep 2, 2025 
Andrew Ross Sorkin, a prominent columnist at The Times and founder of DealBook, dives into the seismic shifts in American capitalism brought on by President Trump. He discusses how Trump's acquisition of stakes in major corporations like Intel signals a departure from free-market principles. The conversation reveals tensions between government intervention and corporate responsibility, and how these changes may redefine economic identity. Sorkin also touches on the political implications, questioning what this means for the future of business and America’s economic landscape.
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A Watershed In U.S. Capitalism
- The Trump administration taking a 10% stake in Intel marks a watershed moment reshaping U.S. capitalism.
- This breaks with historic U.S. reluctance to own corporate equity outside crisis rescues and signals a new model of state involvement.
Golden Shares And Government Leverage
- The administration has used 'golden shares' and stakes to exert governance powers over companies like U.S. Steel and rare-earth firms.
- These tools change corporate decision-making by allowing the government to block closures or require investments.
Revenue Share As A New Lever
- The White House allowed chip exports to China in exchange for a 15% revenue share on sales of those chips.
- The move functions like a tax or a toll, capturing ongoing revenue rather than a one-time grant.
