The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel. "The president wants to put America's needs first, both from a national security and economic perspective," White House press secretary Karoline Leavitt told reporters.

Intel was represented by law firm Skadden in the chipmaker's agreement for the United States to take an almost 10% equity stake deal in the company, according to documents filed on Monday with the U.S.