During an address to Congress, President Trump condemned the CHIPS Act, calling it ineffective and advocating for the use of remaining funds to lessen the national debt. He argued that imposing tariffs, rather than providing financial incentives, would more effectively persuade semiconductor manufacturers to build facilities in the US. Trump asserted that businesses would relocate to avoid tariffs, suggesting that the CHIPS Act should be abolished. Recent reports also highlighted job cuts at the National Institute of Standards and Technology, which oversees the CHIPS program, indicating broader implications for federal workforce reductions.
Trump described the CHIPS Act as "horrible" due to its perceived inefficacy and suggested reallocating unspent funds to reduce the national debt.
He emphasized that tariffs serve as a more effective method to persuade semiconductor manufacturers to relocate to the US, ensuring they won't pay tariffs if they build domestically.
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