In a recent address to Congress, President Trump called for the cancellation of the CHIPS Act, claiming the funding does not result in meaningful outcomes. He highlighted a recent investment by TSMC in Arizona but criticized the overall effectiveness of the semiconductor subsidies. Trump suggested any unused funds from the CHIPS Act should be allocated to reduce national debt. This stance is not unique, as some Republicans have proposed repealing the funding, though it faces opposition in Congress. Additionally, the administration has already shown signs of scaling back support for the CHIPS program.
With regard to the semiconductor subsidy scheme, he said: "Your CHIPS Act is a horrible, horrible thing. We give hundreds of billions of dollars and it doesn't mean a thing. They take our money and they don't spend it."
...he added: "You should get rid of the CHIP Act (sic) and whatever's left over, Mr. Speaker, you should use it to reduce debt. Or any other reason you want to."
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