Trump says Intel agreed to give US a stake in its company

WASHINGTON (AP) — President Donald Trump said that Intel has agreed to give the U.S. government a 10% stake in its business.

Speaking with reporters on Friday, Trump said the deal came out of a meeting last week with Intel CEO Lip Bu Tan — which came days after the president called for Tan to resign over his past ties to China.

“I said, I think it would be good having the United States as your partner,” Trump said. “He agreed, and they’ve agreed to do it.”

The official announcement is expected to come later Friday, according to a White House official who was not authorized to speak publicly ahead of an announcement and spoke on condition of anonymity.

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The Trump administration has been in talks to secure a 10% stake in Intel in exchange for converting government grants