The United States is preparing a major change in economic policy, which involves more active state intervention in strategically important industries. Such a move should reduce the country's dependence on Chinese technology and production, as well as strengthen its own industrial base.
According to The New York Times, the administration of Donald Trump plans to increase the state's stake in companies operating in critical sectors, such as defense, rare earth metals mining and microchip production.
US Secretary of the Treasury Scott Bessent emphasized at the CNBC forum that China's dominance in the field of technology is forcing Washington to introduce "more decisive industrial policy." According to him, this is about direct state intervention in key industries in order to protect national interests.
"When you deal with a non-market economy like China, you have to act through industrial policy," Bessent noted.
The new course means a departure from the traditional American free market model. The state has already acquired stakes in U.S. Steel, Intel, Trilogy Metals, and MP Materials, which specialize in strategic raw materials and technologies.
In addition, President Trump ordered to limit Nvidia and AMD's income from cooperation with China, as well as to create a strategic reserve of rare earth minerals together with JPMorgan Chase.
Bessent specified that the government has identified seven key industries in which the state intends to strengthen control, including defense. He emphasized that American defense corporations are "lagging behind in supplies" and should invest not in share buybacks, but in technological innovations. To stabilize production chains, it is proposed to introduce mechanisms of "minimum prices" and "forward purchases".
The aggravation of economic relations between Washington and Beijing led to China's decision to introduce a system of licensing the export of products containing rare earth materials. The new rules, which will come into force by the end of the year, will effectively limit Western companies' access to strategic raw materials.
In response, Donald Trump threatened to impose 100 percent tariffs on Chinese goods from November 1 and cancel a planned meeting with Xi Jinping, although he later admitted the possibility of negotiations.
"When we get signals like this week from China on rare earths, we have to be self-sufficient or rely on allies," Bessent stressed.
US Trade Representative Jamieson Greer called the new Chinese restrictions "an instrument of economic pressure" and accused Beijing of violating the trade truce.
The US has already imposed additional fees on Chinese ships, to which China responded with symmetrical sanctions. At the same time, according to sources, the parties may hold a new round of talks in South Korea as early as the end of October.
Recall that the world's largest microchip manufacturer was affected by the earthquake in Taiwan.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.