US Commerce Secretary Lutnik today accepted a visit from financial media CNBC to criticize the former Biden administration for being weak and bullied, providing corporate surplus assistance without gains, and at the same time emphasized the nature of businessmen in the Trump administration and venturing on transaction interests, and revealed the inside story of Taiwan's investment in US investment.
Howard Lutnick, who was the executive director of Cantor Fitzgerald, a financial service company, was interviewed by CNBC's program "Squawk Box", said: "As soon as I took office, I called Wei Zhejia, who was the executive director of (Taiwanese Electric). We sat down to discuss. I said, look, this is too absurd. I will take back the $6.5 billion (supply), which is a gift to the company. You have to come up with better solutions for us."
Luitnick told the host of the program: "If you remember, he came to Baigong at that time and announced a $165 billion investment case. That's exactly what I said, at least we must make sure that Americans have a good deal."
Lutnik also criticized former President Biden's administration for not winning favors for the United States: "You see taxes, you see real-time businessmen, business secretary and U.S. President Trump are urging these people. Micron received a $2.5 billion subsidy to build a $25 billion factory, and they are now increasing the scale to $200 billion. Texas Instruments increased from $23 billion to $60 billion."
Luitnik said: "I mean, we gain transaction benefits. We must be strong for these people, not be weak and bullied. The Biden administration is weak and bullied, that's it. They just send money out, and the Trump administration is not like that."
In addition to the famous technology factories such as TECHNOLOG, Micron and Texas Instruments, Lutnik also mentioned the troubled chip manufacturer Intel. "I think the Intel deal is a good example. The Biden administration has given Intel a $11 billion grant to Intel, a U.S. company, has not switched to anything, but has just helped them build semiconductors in the United States, although that's a good thing."
Luitnik pointed out: "So Trump, me and Intel Executive Chairman Chen Liwu sat down and talked. Trump said, please, we have to make this transaction fair to the United States. Then we reached an agreement to acquire 10% of Intel's shares, and it was worth nearly $11 billion."
Extended reading: Lutnik wins U.S. government investment in national defense factory issues, military workers' stocks