President Donald Trump defended the escalating national debt, comparing it to real estate leveraging. He also proposed that the government should hold equity in corporations.

Trump contended that the country’s rising debt is not as alarming as it appears, especially when seen through the lens of a real estate tycoon. In a pre-China visit Fortune interview, published on Monday, He argued that the “total value of America” and its natural assets, such as the Grand Canyon and its surrounding oceans, is in the hundreds of trillions of dollars. As such, even with a national debt of nearly $40 trillion, the country is “way under-levered.”

Trump also touched on his unconventional approach to deal-making, citing a potential railroad merger where he would want the government to have equity. He pointed to stakes his administration has claimed in companies like Intel Corp. (NASDAQ:INTC) and U.S. Steel, despite critics labeling his actions as un-American. Trump dismissed these criticisms, suggesting they overlook the larger issue of the country’s $38 trillion debt.

Previously, Trump had planned to address ...