In a wide-ranging interview, U.S. Secretary of Commerce Howard Lutnick clarified where the Trump administration stands on a number of issues — from Greenland to the importance of semiconductors and the government’s recent investment in a major tech company.
Lutnick backed Treasury Secretary Scott Bessent’s assertion that a potential acquisition of Greenland is critical to national security, adding from the World Economic Forum stage that the White House will press on despite the Arctic country’s reported hesitation.
“It’s important for us to make sure we protect the Western Hemisphere, the strength of America in the Western Hemisphere is vital for the world. When America shines, the world shines,” Lutnick told FOX Business’ Maria Bartiromo at the World Economic Forum in Davos, Switzerland.
“The president’s going to come and talk about it. He’s going to meet with the European leaders. He’s going to talk to them. And my guess is they’ll work it out. But he wants them at the table. He wants them serious… if you provoke the president, you’re going to get a response.”
TRUMP SEEKS DAVOS SIGNING CEREMONY FOR GAZA BOARD OF PEACE
“Right after World War II, it was America who protected the shipping lanes right between Europe and the United States. As the Arctic opens… what do you think’s going to happen?” he continued. “We need those shipping lanes. You need to be protected. You can’t have Chinese ships or Russian ships while you’re coming through that strait. So America needs to protect it. It’s key, and part of our national security.”
Also, in an effort to boost America’s defense and economic competitiveness, Lutnick said the government will increase support for domestic semiconductor chip production and has taken a roughly 10% equity stake in Intel under a federal investment plan tied to U.S. chip-making incentives.
“We are going to invest $1 trillion in semiconductors in America, get up to 40% market share, and at least be able to take care of ourselves,” Lutnick said.
“If you don’t make chips, you can’t have robots, you can’t have drones, you can’t take care of yourself. So we need to produce semiconductor chips at home to protect ourselves,” he added.
“Let’s go over Intel for a moment,” Lutnick shifted gears. “The Biden administration had given $10 billion to Intel to build semiconductors in America, which they were already doing… so we negotiated, and we said, okay, you can keep the money. That was already signed, sealed and delivered, and you give us 10% of the equity in the company. Right? And now we can help them because we want Intel to be successful in America. It matters to us that we build semiconductors in America. And what’s happened: the stock’s up 3,540% since then.”
Intel CEO Lip-Bu Tan said the company remains committed to advancing American-made technology and domestic semiconductor manufacturing. In a statement after the government’s investment, Tan said Intel appreciates the confidence of the administration and looks forward to working with policymakers to strengthen the U.S. technology and manufacturing base.
READ MORE FROM FOX BUSINESS
Read the full article here
