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Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
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WA hospital to close gender clinic, citing Trump administration threats
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Vern Buchanan to retire from Congress after 20 years of distinguished service
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Impeachment witness Alex Vindman runs for U.S. Senate in Florida
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David McClelland Appointed Head of the Santander US Auto Business
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Sean McVay got weirdly irate about Matthew Stafford retirement question
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For Trump, the Truth in Minneapolis Is What He Says It Is
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I got laid off from my tech job and retired in France at 69. I won't move back.
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Brenna Huckaby, Paralympic snowboarder, relies on the power of sports
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The Providence Journal's top sports stories for the week ending Jan. 24
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This ‘small’ leadership slip is secretly killing morale
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OMG! People are saying it's so cold trees will explode. That viral claim may be overblown
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Oregon Football: 2025 Offensive Performance Review
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2026 Oscar nominations full list: 'Sinners' smashes record with 16 category nods as 'Wicked: For Good' is snubbed entirely
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Alarm as US mulls prioritising citizens in research funding
A senior White House official said the Trump administration is considering ways to prioritise research funding to American citizens, triggering alarm in the research community that the country could destroy its century-long status as a magnet for overseas talent.Michael Kratsios, director of the White House Office of Science and Technology Policy (OSTP), said last week that it is “important for us to continue to emphasise the use of federal R&D dollars towards American scientists and technologists that are staffed by Americans in their labs.” Asked about support for Chinese students during a Congressional hearing, Kratsios went on to say that in future funding announcements, the OSTP would “emphasise” that “we're funding American students.”The precise meaning of his impromptu comments, and what they could mean in policy terms, isn’t yet clear. The OSTP did not respond to multiple requests for clarification from Science|Business.But given that US science and technology has relied on overseas talent for the past century, Kratsios’s words have alarmed former US science officials.Immigrants have made up around 30-40% of US Nobel Prize winners since the 1940s, for example. Except for some sensitive projects, countries typically grant research funding on a nationality-blind basis, lest they deter foreign scientists from immigrating. “If director Kratsios’s statements are taken literally and become official policy of the White House, [research-intensive] universities will likely have to close labs if not entire research divisions,” said David Biggs, a former science and technology official in the US State Department. In their most extreme interpretation, Kratsios’s comments would imply that foreign scientists established in the US would see access to funding curtailed. This would “result in many world-leading professors who work in the United States in fields that this administration considers a priority (like fusion energy, artificial intelligence, and quantum computing) leaving the country,” said Cole Donovan, a former US science diplomat, and now associate director at the Federation of American Scientists.CripplingHowever, given the context of the conversation, Kratsios may have been referring more narrowly to funding for doctoral or postdoctoral students. At the hearing, he said he wanted to see labs staffed by US citizens. But even this would have devastating consequences for the US science system, say former officials, because the country is so dependent on early-career foreign researchers. Recent statistics show that nearly half of those in the US with a PhD in science, technology, engineering or mathematics (STEM) are considered short-term visitors, or non-residents in the official terminology. If this included residents who are not yet citizens, the proportion would likely be even higher. “Foreign PhD students are really a significant and core part of the university STEM workforce, and postdocs is similarly large,” said Donovan. Preventing US-based academics from hiring them from overseas would be a serious blow, he said. “If it's the case that this administration intends to limit funding to labs staffed only with US citizens, the effect will be to cripple the American scientific enterprise,” said Chris Marcum, a former OSTP official. “To think that these researchers can simply be replaced is a pipe dream. The labs will close,” said Marcum. Go elsewhereAround half of US-trained postdocs are foreign-born, said Biggs. “If these top international students cannot get funding to do their research, or even if they hear that funding for foreign students has been greatly restricted and will be super competitive, they will no longer choose to study in the US and will go elsewhere.” It’s unclear for now if Kratsios’s comments will translate into a real policy shift. But they could add to turmoil in the US science system since Donald Trump took over as president one year ago. Related articlesNIH turmoil risks reciprocal EU-US access to health research fundingUS set to close office responsible for global science and technology dealsTrump halts new NIH grants to international health-research partnersSince then, nearly 8,000 grants at the National Institutes of Health and National Science Foundation have been frozen or terminated, Naturereports. Courts have overturned most of these cancellations, but the disruption caused remains significant. Both those agencies have also dished out around a quarter fewer grants this year than normal, the journal reported. International student enrolment is also down by 17%. The Trump administration also proposes to cut research budgets by around a third, although Congress may mollify the cuts.
Alarm over US plan to prioritise citizens in research funding
The US’s leading science official has said the country will focus its research spending on scientists with US citizenship, triggering alarm that the country could destroy its century-long status as a magnet for overseas talent.Michael Kratsios, director of the White House Office of Science and Technology Policy (OSTP), said last week that it is “important for us to continue to emphasise the use of federal R&D dollars towards American scientists and technologists that are staffed by Americans in their labs.” Asked about support for Chinese students during a Congressional hearing, Kratsios went on to say that in future funding announcements, the OSTP would “emphasise” that “we're funding American students.”Kratsios’s precise meaning, and what it could mean in policy terms, isn’t yet clear. The OSTP did not respond to multiple requests for clarification from Science|Business.But given that US science and technology has relied on overseas talent for the past century, Kratsios’s words have stunned former US science officials.Immigrants have made up around 30-40% of US Nobel Prize winners since the 1940s, for example. Except for some sensitive projects, countries typically grant research funding on a nationality-blind basis, lest they deter foreign scientists from immigrating. “If director Kratsios’s statements are taken literally and become official policy of the White House, [research-intensive] universities will likely have to close labs if not entire research divisions,” said David Biggs, a former science and technology official in the US State Department. In their most extreme interpretation, Kratsios’s comments would imply that foreign scientists established in the US would see access to funding curtailed. This would “result in many world-leading professors who work in the United States in fields that this administration considers a priority (like fusion energy, artificial intelligence, and quantum computing) leaving the country,” said Cole Donovan, a former US science diplomat, and now associate director at the Federation of American Scientists.CripplingHowever, given the context of the conversation, Kratsios may have been referring more narrowly to funding for doctoral or postdoctoral students. At the hearing, he said he wanted to see labs staffed by US citizens. But even this would have devastating consequences for the US science system, say former officials, because the country is so dependent on early-career foreign researchers. Recent statistics show that nearly half of those in the US with a PhD in science, technology, engineering or mathematics (STEM) are considered short-term visitors, or non-residents in the official terminology. If this included residents who are not yet citizens, the proportion would likely be even higher. “Foreign PhD students are really a significant and core part of the university STEM workforce, and postdocs is similarly large,” said Donovan. Preventing US-based academics from hiring them from overseas would be a serious blow, he said. “If it's the case that this administration intends to limit funding to labs staffed only with US citizens, the effect will be to cripple the American scientific enterprise,” said Chris Marcum, a former OSTP official. “To think that these researchers can simply be replaced is a pipe dream. The labs will close,” said Marcum. Go elsewhereAround half of US-trained postdocs are foreign-born, said Biggs. “If these top international students cannot get funding to do their research, or even if they hear that funding for foreign students has been greatly restricted and will be super competitive, they will no longer choose to study in the US and will go elsewhere.” It’s unclear for now if Kratsios’s comments will translate into a real policy shift. But they could add to turmoil in the US science system since Donald Trump took over as president one year ago. Since then, nearly 8,000 grants at the National Institutes of Health and National Science Foundation have been frozen or terminated, Naturereports. Courts have overturned most of these cancellations, but the disruption caused remains significant. Both those agencies have also dished out around a quarter fewer grants this year than normal, the journal reported. International student enrolment is also down by 17%. The Trump administration also proposes to cut research budgets by around a third, although Congress may mollify the cuts.
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Watch live: Whole Hog Politics with Chris Stirewalt and Bill Sammon
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6 super simple ways to have a younger brain into your 60s
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The Republican Party of Florida Chair announced hours after the incumbent said he would retire.
A Jim Crow-era civil rights law is central to the Trump Justice Department’s effort to ‘clean’ voter rolls
The Trump administration’s sweeping legal effort to obtain Americans’ sensitive data from states’ voter rolls is now almost entirely reliant upon a Jim Crow-era civil rights law passed to protect Black voters from disenfranchisement – a notable shift in how the administration is pressing its demands.
11 years of growth: Health Sciences dean reflects on career ahead of retirement
University of Kentucky College of Health Sciences Dean Scott Lephart didn’t come to UK to simply maintain what existed. He committed to building something that could not be ignored. Now, as the college continues to expand, Lephart’s retirement marks a moment to reflect on how vision and collaboration reshaped the college and is strengthening health care across Kentucky.
11 years of growth: Health Sciences dean reflects on career ahead of retirement
University of Kentucky College of Health Sciences Dean Scott Lephart didn’t come to UK to simply maintain what existed. He committed to building something that could not be ignored. Now, as the college continues to expand, Lephart’s retirement marks a moment to reflect on how vision and collaboration reshaped the college and is strengthening health care across Kentucky.
Retired Navy officer takes helm of DOD’s military health care
Bass' top priorities include improving medical readiness and stabilizing the Military Health System.
Stardome Comedy Club Founder Announces Retirement and Sale After Decades of Entertainment
After more than four decades at the helm of one of Birmingham’s most well-known entertainment venues, Bruce Ayers has announced his retirement and the sale of T
Neal Dunn to retire, won't seek re-election in CD 2
'The time has come to pass the torch to new conservative leaders.'
Did Aaron Rodgers just finish his NFL career with pick 6? He explained how he'll make retirement decision after Steelers' blowout loss
Retired Marine commander lectures Minnesota politicians on 'first and foremost' responsibility
Rep. Rich McCormick, R-Ga., discusses Minnesota Democrats suing the Department of Homeland Security over I.C.E. agent surge on 'The Evening Edit.'
How Trump's 'Don-roe Doctrine' is different than Bush-era GOP foreign policy : The NPR Politics Podcast
The Republican Party’s approach to world affairs has shifted from attempting to spread democratic values during the George W. Bush administration to “America First” in President Trump’s first term and now to something else entirely. We discuss what to make of Trump’s foreign policy agenda. This episode: voting correspondent Miles Parks, White House correspondent Danielle Kurtzleben, and senior national political correspondent Mara Liasson.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Former Wimbledon finalist Raonic retires
Former Wimbledon finalist Milos Raonic says he has been the "luckiest person" to live out his dreams as he announces his retirement at the age of 35.
U.S. Navy veteran and VA health care executive appointed as Department of War’s top medical leader
Keith Bass, a retired U.S. Navy commander and health care leader, was sworn in Jan. 12, 2026, as the assistant secretary of war for health affairs.
Chris Olave rewarded with All-Pro status following sensational season
After considering retirement last season, Olave has a major comeback year.
Overcoming Obstacles to HIV Prevention
By Carole Tanzer Miller HealthDay ReporterSUNDAY, Jan. 11, 2026 (HealthDay News) — Though an antiretroviral medication called PrEP provides near-perfect protection against HIV, patients must often surmount hurdles to obtain it. From medical stigma to insurance denials and doctors who are unfamiliar ...
Healing with horses: The science behind feeling safe
The Year of the Fire Horse, according to the lunar calendar, symbolizes courage, motion, and transformation. For me, this is a catalyst for more action. Something has to change — especially when it comes to health. I am tired of not feeling well, of wanting to do ordinary things without exhaustion or pain. I spend…
Dittrich Furs announces closure after 132 years in business in Detroit
After more than a century serving Detroit, Dittrich Furs announced it is closing this spring as the family has made the decision to retire.
Champaign-Urbana Public Health District set to name new admin as Pryde retires after 20 years
The board of health's agenda for Wednesday includes a closed session, followed by a vote to appoint deputy administrator Dr. Mamadou Tounkara as Pryde’s successor.
An 82-year-old couple believed they were 'helping' a federal investigation. It was a $1.3 million scam.
Scammers impersonating Amazon, TD Bank, and the FTC convinced retirees to convert $1.3 million into bitcoin and gold. The couple is now speaking out.
From Washington: Congress Kicks Off 2026 With Debates Over Health Care, War Powers, and ICE
The Republicans' slim majority in the House of Representatives took a significant blow with the death of Rep. Doug LaMalfa and the retirement of Rep. Marjorie Taylor Greene, shrinking it to 118-113 with the midterms less than a year away. The developments come as the party is showing signs of divisi
I'm 84, work at my son's company; appreciate him giving back to me
Linda Kemp, 84, works at her son's law firm and lives below the poverty line. She recently moved to be closer to her son and can't retire.
High School Sports Rally: Why a retired accountant teaches softball
Man, 52, dead in machinery accident at San Antonio business, officials say
The man, 52, was "struck by a piece of machinery," officials said. He was then found trapped under the tire of the machinery, and later died from his injuries.
Freed Venezuelan Political Prisoner Called Maduro’s 2024 Victory a Fraud to His Face
Enrique Márquez, a centrist opposition lawmaker, refused to rubber-stamp the government’s dubious election results in front of the entire nation.
Watch live: Whole Hog Politics with Chris Stirewalt and Bill Sammon
The Hill’s SVP of Editorial, Bill Sammon, joins NewsNation’s Chris Stirewalt to discuss the latest political hot topics and national news. Sign up for the Whole Hog Politics weekly news…
As owners retire, CT's family businesses face a succession gap
“The kids are seeing the pressure, and then they're like, ‘This is not for me,’” Matthew Kerzner said.
Colts DeForest Buckner indicates he’ll return in 2026 despite neck injury
Having missed seven games in 2025 due to a neck injury that he reaggravated in a one-game return that led to surgery, DeForest Buckner has quieted the questions of whether he might retire from the NFL with one year left on his current deal with the Colts.
Democratic Rep. Steny Hoyer to retire from Congress
Maryland Rep. Steny Hoyer is expected to announce Thursday that he is retiring after serving more than four decades in Congress.
Saudi's SABIC agrees to sell Sabic Europe, ETP business in Americas and Europe
Saudi chemical major Saudi Basic Industries Corporation (SABIC) has agreed to divest its entire stake in SABIC Europe and its Engineering Thermoplastics (ETP) business in Europe and the Americas, company said in a bourse filing on Thursday.
Steny Hoyer, Longest-Serving House Democrat, to Retire From Congress
The Maryland congressman, who served as one of his party’s top leaders, plans to depart after nearly half a century in Congress, as his party looks toward generational change.
Stranger Things' Duffer Brothers Address Show's Possible Return Amid "Conformity Gate" Episode Theory
Stranger Things creators Ross Duffer and Matt Duffer shared whether they plan to continue building on the original story amid rumors that Netflix was releasing a secret ninth episode on Jan. 7.
Rep. Steny Hoyer to retire, ending storied career in elected office
Maryland’s longest serving member of Congress won’t seek reelection after having spent two decades as the No. 2 House Democrat.
Opinion | How the internet changed politics — and our lives — forever
Matthew Yglesias has been a disrupter his entire career. He started as an early adapter to the web, running a blog before blogs were a thing. He went on to co-found the media company Vox and has written all over the internet. He joins host Megan McArdle to discuss their career trajectories and how the internet has changed both media and politics.
Trump threatens Raytheon's business with the US government
President Donald Trump targeted Raytheon amid a broader stream of criticism of the entire industry.