President Donald Trump touted the latest phase in his partnership with Intel to bring semiconductor manufacturing back to America: a partnership with Apple to design and produce the vital chips in the United States. Last August, the president made a deal for the U.S. government to boost the company by purchasing a 10% stake in the semiconductor manufacturer, making the United States its largest shareholder.
“When I won my Second Term, it was clear America needed its Semiconductor Industry to come back to the U.S.A,” Trump wrote in at post to Truth Social.
“Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories,” he said. “They forgot to protect our Industries with TARIFFS.”
The United States is largely reliant on imports of semiconductor chips, which are essential for a wide range of technology, such as computers and automotive vehicles, from Asian markets.
The measures are part of the administration’s broader effort to reduce dependence on foreign trade and bring manufacturing back to the United States.
The White House has touted a wave of “reshoring” by companies like Apple, Johnson & Johnson, and Nvidia. These companies have vowed new investments in the United States since Trump took office last year.
The announcement of the Apple and Intel partnership prompted Intel’s stock to rise by 10% in trading on Thursday.
Trump pointed out that Intel shares were worth around $100 billion when the U.S. took a stake in the company, but are now worth at least $600 billion today.
“When was the last time a President made America money??” Trump asked.
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