Seldom before has the U.S. government intervened so actively in the economy.
By Keith Johnson, a staff writer at Foreign Policy covering geoeconomics and energy.
Donald Trump, Marco Rubio, and Howard Lutnick sit at a table that has a banner that reads "American Mining, American Jobs." Behind them are multiple flags, one of them being the American flag.
U.S. President Donald Trump speaks as U.S. Secretary of State Marco Rubio and U.S. Commerce Secretary Howard Lutnick listen during a roundtable on the American mining industry in Washington on Aug. 7. Eric Lee/Getty Images
August 11, 2026, 11:33 AM
At a time when U.S. President Donald Trump and the Republican Party are warning about the threat of “communism,” the Trump administration itself has taken over much of the means of production.
If Trump’s foray into state capitalism last year seemed alarming—and it did—it has only gotten worse.
At a time when U.S. President Donald Trump and the Republican Party are warning about the threat of “communism,” the Trump administration itself has taken over much of the means of production.
If Trump’s foray into state capitalism last year seemed alarming—and it did—it has only gotten worse.
The U.S. government now holds equity stakes in as many as 30 companies across a gamut of industries. What started with a “golden share” in U.S. Steel has morphed into a government takeover of vast swathes of the economy. Trump recently browbeat oil companies such as ExxonMobil and Chevron over their refining margins, as the Iran war’s economic toll has led to higher gasoline prices. His own pick for the Federal Reserve is floundering, even as Trump spam calls him repeatedly. All the while, Trump continues to arrogate congressional powers of taxation to raise import duties on U.S. consumers.
“There are some novel economic changes going on, and nobody is talking about it,” said Tad DeHaven, an analyst at the Cato Institute who is setting up a program to research state capitalism. “Since it is driven by one man’s personal desires, there is no plan and no strategy. It changes by the day.”
Trump’s blitzkrieg on industry has focused on rare earths, mining, metals, and semiconductors, among other sectors. It is a jarring move for a nominally Republican president, from a party that has long espoused free-market values.
There is a case to be made for state intervention in certain industries that need government injections of money, know-how, or support otherwise. Shipbuilding is a good case in point and was, at one point in Trump’s second administration, a priority—until it wasn’t. Semiconductors are another critical sector that requires government support in most cases; Taiwan’s world-beating chip industry grew off government largesse, as did, for a spell, the U.S. chip sector. There are scads of academic research about the spread of state capitalism worldwide.
The difference between what Trump is doing and what other countries are doing is significant. While other countries grapple with the sudden vulnerability of supply chains or a needy infant industry, the Trump administration has turned state capitalism into a revenue stream. The number of exemptions and exclusions for tariffs, and special treatment for certain firms, has grown.
“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 the economy,” DeHaven said.
Keith Johnson is a staff writer at Foreign Policy covering geoeconomics and energy. Bluesky: @kfj-fp.bsky.social X: @KFJ_FP
With his back turned to the camera, Trump stands points at a crowd of people wearing hard hats and reflective safety vests. Behind Trump and the crowd is a massive American flag that seems to cover an entire wall.
The level of U.S. government economic intervention under Trump 2.0 is off the charts.
A worker mans a furnace during the nickel-smelting process in Indonesia’s South Sulawesi province.
What do Greenland, Canada, and Ukraine have in common? Critical minerals.
An photo collage illustration shows Donald Trump pointing toward buildings with case falling around them. Semiconductor chips also make up the scene. Red bars overlay the cream-colored background behind the photos.
The companies and sectors where the U.S. president has taken a government stake.
A woman crosses a road in front of a mural depicting Russian President Vladimir Putin in Kashira, Russia, southeast of Moscow, on Oct. 16, 2017.
The Western Myth of Russian Greatness
By Christian Caryl
An illustration depicting a man submerged up to his nose in water. The wavy water is divided horizontally into three color bands that mimic a flag: white foam at the very top peaks, a deep blue middle section filled with bubbles, and a red lower section covering his neck and suit jacket. His blue eyes look upward with a wide, strained expression.
As the Tide Turns Against Putin, Beware the Drowning Man
By Peter Frankopan
Negotiators from the United States, Canada, and five European countries converse after finishing the draft of the North Atlantic Treaty in Washington on March 18, 1949.
Trans-Atlanticism Isn’t Dead—It’s Being Renegotiated
By Alexandra de Hoop Scheffer
An illustration of a vintage-style map featuring North America and parts of Europe and Africa. Overlaid on the map are 3D red brick walls shaped exactly like the borders of the contiguous United States and Alaska, casting long shadows to the right.
America, the Once Global Nation
By Odd Arne Westad
A creative illustration against a pale yellow background showing a garden planter containing a dense green hedge. Five human arms emerge from the hedge, with four of the hands holding small flags of China, Russia, the United States, and the European Union, while the fifth hand holds the flag of India.
Iran War
Iran-war-economic-impact-3-2-beige-background
A guide to Tehran’s nine most strategic territories.
| # | Наименование новости | Тональность | Информативность | Дата публикации |
|---|---|---|---|---|
| 1 | Trump is taxing the dark matter that pays America’s way | 0 | 7.66 | 13-08-2026 |
| 2 | Donald Trump’s flawed plan to get China hooked on Nvidia chips | -2 | 6 | 09-12-2025 |
| 3 | Раскрыты планы Трампа на юбилей США | 0 | 5 | 04-07-2026 |
| 4 | ‘Pedophile protector’: Protester interrupts Trump’s speech; POTUS calls heckler a 'Communist' | 0 | 10 | 27-07-2026 |
| 5 | Трамп заявил, что был бы не против долларизации экономики Аргентины | 0 | 0 | 14-10-2025 |
| 6 | Песков: мировую экономику лихорадит после введения Трампом пошлин | 0 | 0 | 04-04-2025 |
| 7 | ‘US holds a lot of cards’: Economist reveals how Trump’s rise to power could impact NI’s agricultural industry | 0 | 10 | 18-11-2024 |
| 8 | Trump is hellbent on tariffs. Here are 5 implications | 0 | 11.1 | 25-07-2026 |
| 9 | Is the US Economy K-Shaped? Evidence From the Past Three Decades | 0 | 10.41 | 15-07-2026 |
| 10 | The Trump Administration Has Mostly Dismantled the Ed. Dept. Should You Care? (Opinion) | 0 | 5 | 16-03-2026 |