In 2021, Prime Minister Narendra Modi pitched for the privatisation of PSUs (Public Sector Units) with the tagline that the "government has no business to be in business". Four years later, his friend, US President Donald Trump, is doing the exact opposite. Trump has launched the US government headlong into business, buying stakes in rare earths firms, striking deals and hiking tariffs in ways unprecedented in the past.
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In July, the US Department of Defence invested $540 million in a private rare earths company that will dig for minerals that power everything, from stealth jets to semi-conductors. In August, the government struck a highly unconventional revenue-sharing deal by charging semiconductor manufacturers Nvidia and AMD 15% of revenue for export licences to sell a
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