随着唐纳德·特朗普总统继续购买私营公司的政府股份，华盛顿其他方面开始领会他这一新工具的威力。
The News As President Donald Trump continues buying government stakes in private companies, the rest of Washington is starting to appreciate the power of his new tool.
特朗普政府迄今已宣布在生产从矿产到半导体等各类产品的企业中持有43个股权份额，其中36个是在没有明确法律授权的情况下谈判达成的——且更多股份尚在后头。由于无关交易的SEC（美国证券交易委员会）文件提及认股权证的可能性，政府可能正在暗中谈判更多股份。
The Trump administration has so far announced 43 equity stakes in firms producing everything from minerals to semiconductors, 36 of which were negotiated without explicit legal authority — and more are yet to come. The administration may be negotiating even more stakes under the radar, since SEC filings for unrelated deals mention the possibility of warrants.
撤销政府的这些投资在法律和政治上都将十分困难——但民主党人至少目前不太可能想这么做。他们已在权衡如何利用股权份额实现自身目的，这表明特朗普的政府干预私营部门可能只是一个长期趋势的开端。
Unwinding the administration’s investments would prove legally and politically difficult — but Democrats likely won’t want to, at least not right away. They’re already weighing how to use equity stakes for their own ends, signaling that Trump’s government intervention in the private sector may be the start of a permanent trend.
“特朗普政府在政府股权份额方面的做法完全缺乏透明度和问责制，”参议员克里斯·范霍伦（民主党-马里兰州）对Semafor表示。“虽然这是未来政府可能想要考虑的事情，但很明显，要真正服务美国民众，将需要一种完全不同的方法。”
“The Trump administration’s approach to government equity stakes has completely lacked transparency and accountability,” Sen. Chris Van Hollen, D-Md., told Semafor. “While this is something future administrations may want to consider, it’s clear that to actually serve Americans, it would require a totally different approach.”
得益于特朗普树立的先例，未来的民主党总统可以从持有私营公司股权中获取多重益处。正如前拜登政府官员所建议的，这些益处包括：约束人工智能行业、削减国防开支、将中国排除在关键领域之外，以及向枪支和石油公司施压。
Thanks to the precedent Trump has set, a future Democratic president could reap multiple benefits from equity stakes in private companies. Among them, as former Biden administration officials suggested: reining in the AI industry, shrinking defense spending, boxing China out of critical sectors, and pressuring gun and oil companies.
即使仅将要求股权份额作为政府援助——无论是贷款、拨款还是其他联邦许可——的附加条件，也是一个强有力的工具，如今无论哪个党派掌控白宫，都能更随心所欲地动用它。
Even demanding an equity stake as a condition for government assistance — whether it’s a loan, grant, or other federal permit — is a powerful tool that’s now more readily at the White House’s disposal, no matter which party controls it.
“我们已进入镜中世界，”民主党策略师、前拜登政府官员道格·法拉尔说。
“We’re through the looking glass,” said Democratic strategist and former Biden administration official Doug Farrar.
范霍伦并非唯一一位将重点放在监督特朗普交易而非终止交易的2028年民主党潜在竞争者。
Van Hollen isn’t the only 2028 Democratic contender who’s focusing on overseeing Trump’s deals rather than discontinuing them.
加州州长加文·纽森在给《Semafor》的一份声明中嘲讽特朗普是“我们这个时代的首席社会主义者”，并将“开启政府经营企业的大胆新纪元……伴随着他光荣的政府接管”归功于特朗普。下一任总统很可能也将拥有更大的购买股权权力；正在参议院推进的立法将赋予五角大楼明确的法律授权以这样做。
In a statement to Semafor, California Gov. Gavin Newsom trolled Trump as “THE LEADING SOCIALIST OF OUR TIME,” crediting him with unlocking “A BOLD NEW ERA OF GOVERNMENT-RUN BUSINESS … WITH HIS GLORIOUS GOVERNMENT TAKEOVERS.”The next president may well also have more power to purchase equity stakes; legislation moving through the Senate would give the Pentagon explicit legal authority to do so.
“上限是天际，因为模式已定，”塔德·德黑文说道，他协助卡托研究所追踪股权持有情况。
“The sky’s the limit, because the pattern’s been set,” said Tad DeHaven, who helps track the equity stakes at the Cato Institute.
深度了解 部分共和党人不希望任何政府利用公共资金涉足私营领域。俄亥俄州共和党参议员乔恩·休斯特最近提出立法，要求政府在八年后解散任何股权持有。
Know More Some Republicans don’t want any administration making forays into the private sector with public money. Sen. Jon Husted, R-Ohio, recently introduced legislation that would require the government to dissolve any equity stakes after eight years.
“无论是特朗普总统，还是未来可能成为总统的伯尼·桑德斯这样的人，我都不信任联邦政府作为美国公司的长期投资者，”休斯特对彭博电视表示。
“Whether it’s President Trump or somebody else like Bernie Sanders who might be president someday, I don’t trust the federal government being a long-term investor in American companies,” Husted told Bloomberg TV.
但目前无人联署他的法案。而一些进步派人士已开始拥抱持股做法。
But no one else has signed on to his bill. And some progressives are already embracing taking stakes.
纽约市长佐赫兰·马姆达尼本月宣布，由拜登政府前联邦贸易委员会主席莉娜·汗领导的纽约市经济发展公司，将投资3000万美元建设一家量子技术实验室，以换取其15%的利润。
New York City Mayor Zohran Mamdani announced this month that his Economic Development Corporation, helmed by Biden’s former FTC chair, Lina Khan, would invest $30 million in a quantum technology lab in exchange for 15% of its profits.
法拉尔曾在联邦贸易委员会为汗工作，他表示：“[特朗普]政府持续在构成人工智能建设供应链的行业中获得立足点。这可能成为未来总统（无论哪党）的重要杠杆——尤其是想要严肃监管该行业的民主党人。”桑德斯作为左翼对人工智能行业最主要的批评者之一，今夏更进一步建议，该行业公司将一半股份上交政府。
Already, “the [Trump] administration keeps gaining footholds in the industries that make up the supply chain for the AI buildout,” said Farrar, who worked for Khan at the FTC. “That could be an important point of leverage for a future president of either party — but especially a Democrat who wants to seriously regulate this industry.”Sanders, one of the left’s leading critics of the AI industry, went a step beyond profit-sharing by suggesting this summer that its companies surrender half of their stock to the government.
“特朗普政府以这种方式对待国家资本主义，打开了潘多拉魔盒，”彭博经济学家克里斯·肯尼迪表示，他在拜登和特朗普政府期间曾在国家安全委员会任职。
“The Trump administration has opened up Pandora’s box with this approach to state capitalism,” said Bloomberg economist Chris Kennedy, who served on the National Security Council during the Biden and Trump administrations.
一些民主党人担心，特朗普可能会在下届总统大选后出售其股权。另一些人则希望，随着本党准备在华盛顿重新掌握至少部分权力，能够深究特朗普的股权，而不至于在他卸任后造成过大的抛售压力。
Some Democrats fear Trump could sell off his equity stakes following the next presidential election. Others pray their party, as it prepares to take back at least some power in Washington, can dig into Trump’s equity stakes without creating too much pressure for a selloff after he leaves office.
“任何未来的民主党总统都会寻求‘想办法对所有这些股权利益实施某种治理方案，以取得恰当的平衡’，”巴拉特·拉马穆尔蒂表示，他曾任拜登白宫国家经济委员会副主任。
Any future Democratic president would seek to “figure out a way of imposing some sort of governance scheme over all of these equity interests that strikes the right balance,” said Bharat Ramamurti, the former deputy director of the Biden White House’s National Economic Council.
拉马穆尔蒂补充道：“我希望不会对特朗普的某一项股权投资未能奏效做出过度反应，特别是因为其他许多投资最终可能会为纳税人带来相当可观的回报。如果你决定切断所有这些投资，将会做出一个亏损的财务决策。” 存在分歧空间 鉴于特朗普围绕其交易员技能建立了三次竞选活动，白宫有充分理由主张，他的对手不会采用他的行事手册。白宫发言人马修·米德尔顿在给Semafor的声明中，对民主党人会保留特朗普现有的股权持怀疑态度。
“I hope there is not an overreaction to one of [Trump’s equity stakes] not panning out, especially because many of the other ones may end up being quite successful for taxpayers,” Ramamurti added. “And you’ll be making a losing financial decision if you decide to cut all of that off.”Room for Disagreement Given that Trump has built three campaigns around his skills as a dealmaker, the White House has plenty of reason to argue that his opponents won’t use his playbook. In a statement to Semafor, White House spokesperson Matthew Middleton appeared skeptical that a Democrat would hang onto Trump’s existing stakes.
“通过自愿的股权投资于意愿企业，特朗普政府与私营部门合作，重建美国的工业基础，”米德尔顿表示，并补充道，“有理由怀疑民主党人是否愿意在特朗普总统振兴美国工业、增强我们经济独立性的遗产基础上继续建设。” 埃莉诺的观点 很容易设想，未来的民主党总统会利用特朗普的模式来推进更进步的议程，正如马姆达尼已在纽约所做的那样。
“Through voluntary equity investments in willing companies, the Trump administration has partnered with the private sector to rebuild America’s industrial base,” Middleton said, adding that “it’s justifiable to doubt that Democrats will want to build on President Trump’s legacy to revitalize American industry and strengthen our economic independence.”Eleanor’s view It’s easy to envision a future Democratic president using Trump’s model to advance a more progressive agenda, as Mamdani already has in New York.
但民主党难以复制的一项共和党资产，就是主要负责五角大楼投资事务的副国防部长史蒂夫·费因伯格。
But one Republican asset that Democrats will have trouble replicating is the man who’s largely responsible for the Pentagon’s investments: Deputy Defense Secretary Steve Feinberg.
这位凯伯斯联合创始人在特朗普的华盛顿几乎未遇阻力，共和党控制的众议院、参议院和白宫大多没有阻拦他。
The Cerberus cofounder has faced remarkably few obstacles in Trump’s Washington, where the GOP-controlled House, Senate, and White House have stayed mostly out of his way.
一位曾参与五角大楼股权投资工作的前官员对我说：“在民主党阵营中极不可能存在[费因伯格这样的人物]，也不可能拥有那种级别的政治资本。”
As one former Pentagon official who worked on its equity stakes put it to me: “It is extraordinarily unlikely that [a Feinberg analog] exists in Democratic politics and that they will have that level of political capital.”
参议院军事委员会主席、密西西比州共和党参议员罗杰·威克近期对《Semafor》表示，五角大楼“必须将其股权购买常规化”，“以使这种做法在长期内具有可持续性。”
Notable Senate Armed Services Chair Roger Wicker, R-Miss., recently told Semafor that the Pentagon “must regularize” its equity stake purchases “to render this approach sustainable over the long term.”