Under Secretary of State for Economic Affairs Jacob Helberg criticized The New York Times on Sunday over its coverage of the Trump administration’s newly announced “Pax Silica” investor consortium, after the paper issued multiple corrections to its report.
“The @NYTimes completely FABRICATED quotes that never happened. We submitted corrections (multiple times). They ignored them,” Helberg wrote in a post on X.
He followed that by sharing a video of his full remarks announcing the initiative, saying he wanted to provide the complete context.
The Times responded publicly, acknowledging errors and saying it corrected them once identified.
“We corrected the errors as soon as we became aware of them,” the outlet’s communications account said.
The article initially misstated both the scale of the consortium and Helberg’s comments. It was later updated to clarify that the group represents more than $1 trillion in assets under management—not a committed $1 trillion investment—and that Helberg referred to developments in the Strait of Hormuz as “a lesson,” not “a blessing.”
Helberg has described the initiative as an effort to better align U.S. economic policy, national security, and technology strategy amid growing concerns about global supply chains.
“This fund will serve as a catalyst … for partners around the world to put serious capital behind shared strategic objectives,” he said while outlining the plan.
We corrected the errors as soon as we became aware of them. pic.twitter.com/aN6t17MCUr
— NYTimes Communications (@NYTimesPR) March 29, 2026
He framed the consortium as part of a broader push to strengthen coordination between government and industry on national security priorities.
“Since being sworn in as under-secretary of state last October, my office has built on that partnership to answer President Trump’s call, win the AI race and secure supply chains,” Helberg said.
According to Helberg, the consortium brings together sovereign wealth funds and institutional investors with more than $1 trillion in combined assets under management, alongside a $250 million U.S. government commitment.
“We are formally establishing the Pax Silica Investor Consortium, which is a landmark coalition … joining forces around a single strategic imperative,” he said.
The goal, he added, is to ensure that key components of global technology supply chains—including minerals, infrastructure, and energy assets—remain under the control of trusted partners.
Helberg pointed to rising geopolitical tensions as a key driver behind the effort, including instability in the Strait of Hormuz.
“What is unfolding in the Strait of Hormuz is a lesson,” he said. “Iran is deliberately weaponizing a single choke point in the global economy to hold the world hostage.”
He argued the issue extends beyond oil, warning that dependence on critical routes and systems can turn them into strategic vulnerabilities.
The @NYTimes completely FABRICATED quotes that never happened. We submitted corrections (multiple times). They ignored them. So for posterity, sharing my full remarks.
https://t.co/IfEWvimG6i pic.twitter.com/TrW0OQG20Q
— Under Secretary of State Jacob S. Helberg (@UnderSecE) March 29, 2026
“The lesson here is not only about oil, it’s about dependency,” he said.
Energy security, he added, will now be treated as a core pillar of the initiative, alongside mineral processing and logistics.
“Energy security will become our third, and it will be treated with the same urgency and seriousness as the two others,” Helberg said.
He also emphasized coordination with U.S. allies, particularly in the Gulf, as central to the plan.
“America is doubling down on its allies in the Gulf,” Helberg said, pointing to recent events as evidence of their “strength, courage, and resilience.”
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