Trump administration equity stakes pose risks to U.S. companies and markets

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The Trump administration’s portfolio of equity stakes in U.S. companies has reached a scale that is unprecedented outside economic crisis or wartime.

The administration has taken stakes or has agreements to do so with at least 10 companies, most of which are publicly traded. The government announced its latest investment, USA Rare Earth

, at the end of January.

Democrats have also considered taking stakes in U.S. industries in the past. But the Trump administration’s approach carries risks both for the companies involved and for the broader markets in which they operate.