The United States saw a notable increase in state ownership of the economy during 2025, the initial year of Donald Trump's second presidential term. Data compiled by Sweden's V-Dem project, which assesses the erosion of democracy, shows the US falling from second to 16th place globally on a scale measuring "state ownership of the economy."
Between 2002 and 2024, the US was consistently among the top four countries with the least state control. By November of last year, the Trump administration had invested more than $10bn in acquiring stakes in companies considered vital for national security, including Intel and various critical mineral mining operations. The administration also secured an option to take a stake in Westinghouse, a nuclear reactor manufacturer, and obtained a "golden share" in Nippon Steel in exchange for approving its purchase of US Steel.
Despite these acquisitions, the US's government stake in the economy remains smaller than in 163 other countries, according to V-Dem's accounting.