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The US now owns 10% of Intel. It’s official: The government has taken the highly unusual step of owning a piece of the beleaguered chipmaker. President Trump said the deal came out of his meeting with the company’s CEO, whom he’d previously called on to step down over his ties to China. “They’ve agreed to do it, and I think it’s a great deal for them,” Trump told reporters yesterday before Commerce Secretary Howard Lutnick announced the deal was done. The move comes as the latest intervention by Trump’s government into the private sector, after taking a “golden share” in the US-Nippon Steel merger and taking a cut of sales to China by other semiconductor makers.
FBI raids home and office of former National Security Advisor John Bolton. The search of the Maryland home and Washington office of the former Trump administration national security advisor, who is an outspoken critic of the president, reportedly came as part of an investigation into whether he broke the law by mishandling classified documents. It’s one of several investigations into people who have spoken out against President Trump during his current term, but the pair also clashed during his first term. Trump fired Bolton in 2019, and he subsequently published a scathing book about Trump, which the president claimed at the time included classified information. Trump said yesterday he did not have prior knowledge of the FBI’s search.
Canada drops retaliatory tariffs on billions’ worth of US products. It’s August, so there’s finally something thawing in Canada: Prime Minister Mark Carney said the country would drop its recently imposed 25% tariffs on goods covered by the United States-Mexico-Canada trade pact as of Sept. 1, bringing them more in line with what the US has put on Canadian goods. The move to drop import duties on ~$21 billion worth of American goods came a day after Carney spoke to President Trump and was widely interpreted as a gesture of goodwill to try to lay the groundwork for future trade talks. But it’s not all as friendly as Canada is reputed to be—Carney noted that high tariffs would remain for now on US steel, aluminum, and automobiles.—AR
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