'My comfort level is not high': Former Republican rips Trump’s economy

15 August

U.S. President Donald Trump stands next to Azerbaijan President Ilham Aliyev (not pictured) at the White House in Washington, D.C., U.S., August 8, 2025. REUTERSJessica Koscielniak

Richard Haas, president emeritus of the Council on Foreign Relations, mourned the end of U.S. free market capitalism on Friday as President Donald Trump proposes to grab a stake in chip manufacturer Intel. He also decried Trump ending decades of free-market thought by putting his thumb on U.S. production with punishing tariffs.

CNBC hosts Andrew Ross Sorkin and Joe Kernen questioned Haas over Republicans' about-face on free market capitalism with Sorkin saying it was “unprecedented” for the United States government to take a stake in companies when the nation is not in a crisis, as it did with GM and Fannie Mae.

“We've been trying to export our brand of free market capitalism for a very long time around the world,” Sorkin said. “We've been very critical of the idea of national champions when other countries have done similar things, and I wonder what you think the implications are of us taking a stake in Intel … as you wake up this morning hearing this news.”

“Andrew, I'm old enough to remember when Republicans — and I was one for 40 years — believed in small government, particularly when it came to the economy,” answered Haas. “So, I’ve got to tell you, my comfort level is not high with all these all these participations.”

“It clearly makes it more difficult for us to talk the talk with others if we're not walking the walk ourselves,” Haas continued, adding that the U.S. will no longer be able to use export controls to pressure allies not to sell certain things “if we're going to want to sell them ourselves in order to get a cut for the U.S. government.”

Haas also grieved the likelihood of tariffs permanently destroying the free market now that Republicans have "joined" other tariff enthusiasts in destroying once-sacred free-market practices.

“You're going to see a postage stamp with free traders on it because they're an endangered species," Haas said. "Both parties now, I think, are somewhat supportive of tariffs."

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