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🌊 Trump’s Subtle Takeover of American Industry

Each month, the Trump Administration takes another stake in a private company

President Trump

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By Max Frost

US Steel was as powerful as it gets. Founded in 1901 by America’s business titans – Andrew Carnegie and JP Morgan among them – it was the world’s most valuable company and the first to be worth $1B. Then came a post-war combination of foreign competition, mismanagement, and union conflicts. By December 2023, US Steel (USS) was a shell of itself. Many of its plants sat idle. That month, it agreed to be bought by one of its staunchest rivals, Japan’s Nippon Steel. 

In today’s era of economic populism, the deal was red meat. President Biden, President Trump, and VP Harris all came out against it, flatly rejecting the idea of a Japanese company taking control of an iconic American company with national security implications, even if it was in decline. It didn’t hurt that US Steel employed thousands in swing states like Pennsylvania. 

Biden killed the deal, and after taking office, Trump left it in its grave. But then he quietly dug it out – and this June, the US government let Nippon buy USS.

What changed?

Power. 

Nippon granted the US government a “golden share,” granting the US government perpetual veto authority over key corporate decisions, including plant closures, investments, and HQ relocation. Trump would let the deal go through – if he could control major decisions.

Three weeks later, the Trump Administration announced another unusual deal: The Defense Department would acquire a 15% stake in MP Materials, the only company producing rare earth minerals in the US. The deal made the Pentagon the largest shareholder in the company.

And this week, four weeks after that, news leaked of perhaps the Trump Administration’s most ambitious plan yet: To become the largest shareholder in Intel.

Today, we look at the Trump Administration’s push into the private sector, whether it’s taking control of private companies, and if there is any precedent for these deals.

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Editor’s Note

We’re very curious to hear your thoughts on today’s story. Are you alarmed by this trend, or is it overdue? Let us know by replying to this email

We got loads of replies to yesterday’s story on supplements. Sharing a sample below:

Lori wrote:

Great article on supplements!

I own a small business called Jolly Moss, where we produce a nutrient-dense Sea Moss Pudding supplement.

For those in the supplement industry, there really shouldn’t be a concern — as long as companies are following the FDA’s stringent guidelines. The real issue comes from businesses that choose to ignore these standards, coupled with the fact that the FDA doesn’t always have the resources to properly monitor and enforce compliance. With JFK’s efforts to strengthen oversight and push for better monitoring, there’s even less reason for concern when companies are doing things the right way.

Mercedez wrote:

Thanks for the article on ingredients regulation and how it could affect the supplement industry. As a consumer who supports the MAHA movement and takes many supplements, I welcome greater regulation of the industry. I've found that supplements are a great addition to exercise and nutrition, especially when it comes to women's health, but I do fear that there are too many fakes or scams out there. Frauds and scammers within the supplement market damage the entire industry by continuing the perpetuation of the narrative that supplement consumers are gullible and uneducated. If we want more freedom and access to natural and holistic health methods, especially those that aren't tainted by big-pharma, we have to accept the regulation of an industry that is too often plagued by lack of transparency, poor ingredients, and exploitation of vulnerable people trying to find a solution that modern medicine hasn't been able to provide. I hope that RFK can see past his personal ties to individuals in the industry and see that greater regulation of supplements is aligned to the ultimate goal of the MAHA movement: putting health knowledge and power back into the hands of the American people.

Nicolas wrote:

The supplement industry at large is what happens when snake oil gets past the authorities and into the mainstream. I'm surprised by RJK Jr's stance on this, but 1000% in support of modifying GRAS and making it harder for these companies to outright steal from Americans by selling them products they don't need and/or products that don't contain what they say they contain or have the effects they claim. The supplements that are proven effective will no doubt have no problem staying on the market, as they should.

Supplement lobbyists are in the same scum-of-the-earth camp as gas/coal lobbyists and their frantic running in and out of DC to try to stop this is a sign that it's the right move.

Nick wrote:

As a Healthcare professional, having 6 years of education (and counting) the fact that supplement companies haven't been restricted is baffling. Not all supplements are bad ... but the fact is that there is little too no regulation as to what the ingredients are or the scientific backing behind needing them.

The FDA doesn't pre-approve supplements for safety and effectiveness. Thats left to the manufacturers to ensure their products are safe and accurately labeled. But the capitalist system of government we live in promotes the egregious accumulation of money as opposed to actually helping/supporting its citizens. 

Through the DSHEA classifying supplements as food, we've allowed manufacturers to introduce them without prior FDA approval. Meaning, for the most part, we dont actually have proof that these supplements are good/beneficial. 

For a society so focused on ourselves we really dont pay enough attention to what we're actually putting into our bodies.

And Susan wrote:

I take supplements and do not see why there is a need for more regulation.  Nobody is dying from taking supplements.  My health is better with them. It is processed food that is leading to obesity, diabetes and other serious issues. The food companies need to be regulated and need to stop either the awful additives they are using.

And if you haven’t read our recent stories, find them here:

See you tomorrow,
Max and Max