Aligning with their father’s protectionist economic policies geared toward the same goal, President Donald Trump’s oldest sons are launching a new firm with a business project that is partially focused on ‘revitalizing American manufacturing.’ New America Acquisition I Corp, a blank-check business backed by Eric Trump and Donald Trump Jr., asked for an initial public offering (IPO) of up to $300 million on August 4.
According to their filing, this special purpose acquisition company (SPAC), which the family has previously used to create firearms shops and media businesses, will combine with companies that are either based in the United States or mostly operate within the nation.
The filing states that the launched new firm would want to merge with one or more companies valued at $700 million or more, which would greatly aid in the revitalization of home manufacturing, the growth of innovation ecosystems, and the strengthening of vital supply chains.
The filing states, “Our objective is to target businesses that are not only well-positioned for long-term, sustainable growth, but also deeply aligned with the advancement of U.S. industrial capacity, technological leadership and innovation, and economic resilience.”
Imposing taxes on several manufactured goods, the Trump administration despite the union calls, is aggressively carrying out a strong tariff policy on imported items. Trump has been pushing businesses to bring their manufacturing activities back to America. Incorporated in Florida, the newly launched firm formed by a special purpose acquisition company (SPAC) signals the most recent business venture of the Trump family in an industry the president is eager to improve.
The family is also participating in crypto projects, owning 60% of World Liberty Financial, a crypto platform, looking to profit from the bitcoin market while the Trump administration passes advantageous measures for the sector. Together, getting 5 million shares in the new firm launch, Eric and Trump Jr. will serve on New America’s advisory board. Media veteran Kevin McGurn will head the business.