Source: Foreign Policy
by Keith Johnson & Christina Lu
“Since taking office a second time, U.S. President Donald Trump has embraced state capitalism to a stunning degree. He has taken a personal stake, not even a government stake, in a major U.S. steel company. He has dispatched the Defense Department to buy up part of a rare-earths mining company. He has made plans to remake U.S. shipbuilding through direct government investment, directed federal resources toward the promotion of resources such as coal, and picked winners and losers in all the emerging industries that will shape the global economy in the years to come. … What makes Trump’s cannonball into the pool of state capitalism different is that he heads a political party that has, at least in recent decades, defended the free market above all.” (07/16/25)