President Trump has voiced strong opposition to the CHIPS Act, which provides $52.7 billion in subsidies for semiconductor manufacturing, suggesting Congress should repeal it and reallocate funds to address national debt. This criticism is significant, as the act approved substantial investments to bolster U.S. semiconductor production, crucial for national security. Despite these claims, officials like Secretary of Commerce Gina Raimondo defend the act's success in attracting major companies like Micron and TSMC to invest in manufacturing within the U.S., highlighting its importance in job creation and economic stability.
President Trump criticized the CHIPS Act, arguing that it is ineffective and that funds should instead be used to reduce national debt.
Trump asserts that avoiding new tariffs is sufficient to attract semiconductor makers back to the U.S. without the need for subsidies.
Secretary of Commerce Gina Raimondo successfully convinced global chip companies to invest in U.S. manufacturing to address national security concerns.
Governor Kathy Hochul emphasized that the CHIPS Act is crucial for Micron's $100 billion investment and the creation of 50,000 jobs in New York.
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