President Donald Trump told lawmakers to “get rid of” the CHIPS Act in his joint address to Congress Tuesday night, calling it “a horrible, horrible thing.”
This comes a day after tech giant Taiwan Semiconductor announced an investment worth $165 billion in the United States.
“…So they came and they’re building,” President Trump said, acknowledging the new investment, among others. “And many other companies are coming. We don’t have to give them money, we just want to protect our businesses and our people, and they will come because they won’t have to pay tariffs if they build in America. So it’s very amazing.”
Trump said lawmakers should get rid of the CHIPS Act and whatever is left over, use it to reduce debt or for other expenditures.
“We give hundreds of billions of dollars, and it doesn’t mean a thing. They take our money and they don’t spend it,” President Trump continued.
Billions of dollars in CHIPS Act grants have already been promised to chipmakers with contracts during the Biden Administration.
ABC15 reporter Ben Brown looks into Trump's suggestion to lawmakers to end the CHIPS Act and what it could mean for local chipmakers, including Intel. Watch the full video in the player above.
