The Trump administration's spree of equity acquisitions has reached nearly $21 billion.

According to a study by the Council on Foreign Relations, the Trump administration's spending spree of $209 billion to acquire equity stakes in private companies is the largest U.S. intervention in strategic industries since World War II. The Council on Foreign Relations found in a study shared with Bloomberg that since Trump returned to the White House in January 2025, the U.S. government has announced 15 investment agreements aimed at accelerating the consolidation of supply chains in rare earth minerals, semiconductors, and other key areas. The companies involved range from Intel, which has the largest commitment, to Westinghouse Electric Company, and MP Materials, which operates the only rare earth mine in the United States.