'Washington is becoming Chinatown': Wall Street Journal bashes Trump's 'statism' move

The Wall Street Journal's conservative editorial board bashed President Donald Trump's latest business move, arguing that it models China's "statism."

On Friday, Trump announced that the U.S. government is taking a 10% stake in computer chip-maker Intel. The government is paying the company $8.7 billion in all, with the funds coming from an approved but not yet paid grant under the U.S. CHIPS and Science Act and the Secure Enclave program, according to a statement from the company.

The Wall Street Journal's editorial board slammed the deal in a new op-ed, arguing that the deal will stifle innovation at the struggling company

"In the name of competing with China, the U.S. is imitating its model of state-run business," the editorial reads in part. "Washington is becoming Chinatown."

"Mr. Trump accused Kamala Harris of being a socialist, but the Biden Administration never nationalized companies," the editorial continues.

The Journal's editors also found it curious that Trump's policies have not yet received significant pushback from Republicans in Congress.

Why aren’t Republicans pushing back on Mr. Trump’s Intel deal?" the editors asked. "They might consider how the next Democratic President could use the government’s stake to press the left’s political imperatives—Intel profits to build low-income housing? Statism is gaining currency on the political left and right, resulting in a bizarre fusion of ideas."

Read the entire editorial by clicking here.