Trump Expands State Capitalism Into US Tech, Mining Sectors

President Donald Trump is expanding a form of state capitalism that significantly increases government control and ownership stakes in critical industries, a move described by some as a growing fascist state. Recent actions include requiring companies like Nvidia and AMD to pay the U.S. government 15% of revenues from AI chip sales to China, demanding the resignation of Intel's CEO, proposing a Defense Department stake in a critical minerals company, and allowing foreign takeovers with conditions benefiting the U.S. government. These maneuvers mark an unprecedented peacetime level of public ownership in the private sector, raising concerns about the ambiguous nature of 'United States' ownership rights, which appear to be controlled personally by Trump rather than the American people. Critics argue this state capitalism undermines traditional free-market principles and exposes companies to government-imposed financial demands, which some see as unconstitutional and risky for the broader corporate environment. The deals reflect a shift toward a system where government intervention and pay-to-play dynamics dominate, altering global trade and American politics.