The events of recent months show that the American economy is undergoing a profound transformation. The United States is increasingly moving towards state capitalism, in which the state is not limited to the role of arbitrator and regulator, but becomes an active participant in corporate processes.
The first such episode was Donald Trump’s intervention in the sale of US Steel to Japan’s Nippon Steel. The president effectively gained the right to block or approve the deal. This measure transformed the steel industry from a purely corporate issue into a matter of national security, where the White House now has the final say. The practice of putting pressure on major corporations was not limited to this episode. Apple was forced to agree to invest approximately $600 billion in American manufacturing (this figure is comparable to the GDP of an entire country). Intel was subjected to unprecedented political pressure when Trump publicly called for the resignation of its CEO. Nvidia and AMD faced a new form of state control: companies are now required to transfer 15 per cent of their revenue from the sale of certain chips to China to the state. In essence, this is the introduction of a hidden export duty, enshrined not in trade legislation but in corporate agreements.
The culmination of this line of thinking was the announcement that the government would acquire ten per cent of Intel’s shares. This precedent demonstrates that such a practice could be extended to all companies in the semiconductor industry that receive federal funding. Thus, Washington is becoming a full-fledged shareholder in an entire industry, gaining leverage not only over strategic decisions but also over the personnel policies of major companies.
Whereas the US previously positioned itself as a representative of the liberal market model, today its course increasingly resembles the Chinese concept of state capitalism, adapted to American realities. The only difference is that the American version emphasises national security, technological autonomy and rivalry with China.
