During Donald Trump's administration, the U.S. government significantly increased its investments in domestic industries, resembling wartime-scale intervention. The government acquired a veto power in the Nippon Steel–U.S. Steel merger and took a large equity stake in MP Materials, a rare-earth mineral producer. This shift marks a move toward direct public-private partnership and increased state involvement in critical sectors, raising concerns about market distortion and setting a new precedent for government-led industrial investments.