Lutnik stated that the Trump administration believes the federal government should exchange non-voting equity for financial support for Intel. This reflects the Trump team's design of the industry subsidy **'return mechanism'**: taxpayer funding should achieve potential returns through equity sharing rather than unconditional subsidies.

Policy Intent

Reduce fiscal burden: By swapping equity to reduce direct expenditures while retaining corporate control in the private sector.

Strategic industry protection: Ensure the United States maintains a technological lead in key areas like semiconductors and prevent supply chain relocation.

Political symbolism: Echoing Trump's 'America First' concept, emphasizing 'fair trade' between the government and businesses.

Potential Controversies

Market intervention controversy: Government ownership could distort market competition, raising questions of 'selective support'.

Feasibility of execution: The legal framework and valuation mechanism for non-voting equity are not yet clear, leading to operational complexities.

Corporate acceptance: Companies such as Intel may be concerned that government involvement could impact long-term decision-making independence.

Current Policy Environment Relevance

Balance of tariffs and subsidies:

Lutnik has recently emphasized that tariff revenues (such as the July $28 billion tariff income, which increased by 2.7 times year-on-year) can partially offset subsidy expenditures, but complementary equity and other return mechanisms are needed to alleviate fiscal pressure.

Technological competition context:

This proposal resonates with U.S. chip control policies towards China (such as restrictions on H20 chip exports), highlighting the urgency for the U.S. to strengthen its domestic semiconductor industry chain.

Summary

Lutnik's statement is essentially an innovation in industrial policy tools, attempting to seek a balance between 'government support' and 'market fairness'. Its core logic is:

Public funding input → Exchange for non-controlling asset returns → Reinvest in finance and technology

However, this model still needs to address issues of legal compliance, corporate willingness to cooperate, and long-term economic efficiency, with the actual implementation results pending observation.