WASHINGTON: Former President Donald Trump on Tuesday criticized the CHIPS and Science Act, a 2022 bipartisan law that provides $52.7 billion in subsidies for U.S. semiconductor manufacturing. In a speech to Congress, Trump labeled the law a “horrible” initiative, arguing the subsidies were ineffective and a waste of money. He suggested the funds should be redirected to reduce national debt instead.
The CHIPS Act, signed by President Joe Biden, aims to bolster U.S. semiconductor production and national security. Trump’s comments mark his strongest criticism of the law, which has seen major investments, including $33 billion in awards to companies like Samsung, Intel, TSMC, and Micron.
Trump’s remarks raised concerns that his administration could seek to invalidate grants made under Biden’s term, potentially affecting major semiconductor projects, including TSMC’s $100 billion investment in the U.S. Arizona representatives also expressed concern, stating that the law was key to the state’s semiconductor industry and job creation.
Comments are closed, but trackbacks and pingbacks are open.