Trump’s ’Golden Share’ in U.S. Steel and Pentagon’s Rare-Earth Investment Signal Shift in U.S. Economic Policy

The White House has adopted a hands-on approach to market intervention, a stark departure from traditional Republican ideology. At the center of this shift is President Trump's 'golden share' in U.S. Steel, granting him veto power over major decisions at the company. This arrangement was part of a deal with Japan's Nippon Steel to secure merger approval. "You know who has the golden share? I do," TRUMP declared during a recent Pittsburgh summit.

Meanwhile, the Pentagon has taken a $400 million equity stake in MP Materials, a rare-earth mining firm, becoming its largest shareholder. Gracelin Baskaran of the Center for Strategic and International Studies described the MOVE as "the biggest public-private cooperation that the mining industry has ever had here in the United States." The Department of Defense's investment underscores the growing strategic importance of critical minerals.