President Trump said Friday that Intel has agreed to give the U.S. government a 10 percent stake in the company.

“They've agreed to do it, and I think it's a great deal for them,” Trump told reporters.

The administration has been weighing taking a stake in the struggling American chipmaker, pulling from previously allocated funding, Commerce Secretary Howard Lutnick confirmed earlier this week.

Trump formally announced the agreement on social media just hours after telling reporters about the deal.

"It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future. I negotiated this Deal with Lip-Bu Tan, the Highly Respected Chief Executive Officer of the Company," Trump wrote on s

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