Former President Joe Biden went further, seeking to shape the actual structure of industry. His Inflation Reduction Act authorized $400 billion in clean-energy loans. The Chips and Science Act earmarked $39 billion in subsidies for domestic semiconductor manufacturing. Of that, $8.5 billion went to Intel, giving Trump leverage to demand the removal of its CEO over past ties to China. (Intel so far has refused.)<\/p>\n
Biden overrode U.S. Steel\u2019s management and shareholders\u00a0to block Nippon Steel\u2019s takeover<\/a>, though his staff saw no national-security risk. Trump reversed that veto while\u00a0extracting the \u201cgolden share\u201d<\/a>\u00a0that he can use to influence the company\u2019s decisions. In design and name it mimics the golden shares that private\u00a0Chinese companies must issue to the CCP<\/a>.<\/p>\n Biden officials had mulled a sovereign-wealth fund to finance strategically important but commercially risky projects such as in critical minerals, which China dominates. Last month, Trump\u2019s Department of Defense said it would take\u00a0a 15% stake in MP Materials<\/a>, a miner of critical minerals.<\/p>\n Many in the West admire China for its ability to turbocharge growth through massive feats of infrastructure building, scientific advance and promotion of favored industries. American efforts are often bogged down amid the checks, balances and compromises of pluralistic democracy. [“<\/em>The U.S. Marches Toward State Capitalism With American Characteristics,” Greg Ip, Wall Street Journal<\/strong><\/a>]<\/em><\/p>\n<\/blockquote>\n It’s difficult to see that and not visualize a pack of opponents baying “Socialist! Socialist! Socialist!”.<\/p>\n Not at all.<\/p>\n This paragraph has to be treated with the obvious care, though.<\/p>\n Many in the West admire China for its ability to turbocharge growth through massive feats of infrastructure building, scientific advance and promotion of favored industries. American efforts are often bogged down amid the checks, balances and compromises of pluralistic democracy.<\/p><\/blockquote>\n So I hesitate to admire China. It’s run by Communists, a group utterly notorious for its piranha-like pursuit of power, utterly lacking in an obvious morality. Honesty? Mendacity?<\/p>\n Which works best today?<\/p>\n In the meantime … “Socialist! Trump is a Socialist!” It has the added benefit of being true.<\/p>\n I’d expect half of the House of Representatives GOP<\/em><\/strong> caucus to see their hair fall out.<\/p>\n","protected":false},"excerpt":{"rendered":" President Trump sticking his fingers into these pies could lead to an unfortunate observation by interested observers. Former President Joe Biden went further, seeking to shape the actual structure of industry. His Inflation Reduction Act authorized $400 billion in clean-energy loans. The Chips and Science Act earmarked $39 billion in \u2026 Continue reading ![\"\"](\"https:\/\/i0.wp.com\/huewhite.com\/umb\/wp-content\/uploads\/2025\/08\/PXL_20221027_183901453.jpg?resize=165%2C220&ssl=1\")
<\/a>China’s numbers are always<\/em> suspect. For years, as someone on the Treehuggers<\/strong><\/em> site once observed – I think – China hits its 6% growth number every year, like clockwork. It finally came out that they just announced the number every year with no proof.<\/p>\n