Trump has announced the United States will be taking a 10% stake in chipmaker Intel, INTC

Donald Trump announced Friday that he had reached an agreement with Intel CEO Lip-Bu Tan under which the chipmaker would provide the U.S. government with a $10 billion equity stake — a deal Trump described as a model he intends to pursue with other companies.

“I said, I think you should pay us 10% of your company,” Trump told reporters in the Oval Office of his talks with Tan. “And they said yes.”

Calling the arrangement beneficial to both sides, Trump added, “I think it’s a great deal for them. And I think it’s a great deal. He walked in wanting to keep his job, and he ended up giving us $10 billion for the United States.”

The announcement comes just two weeks after Trump had urged Tan to resign over alleged ties to China.

The agreement is part of Trump’s push to expand domestic semiconductor production, though it remains unclear what role the administration will play in Intel’s strategic direction going forward. Trump also said he expects to pursue similar agreements with other firms in key industries.

Intel declined to comment after the announcement. Shares of Intel (INTC) climbed 7% Friday following Trump’s remarks.