President Trump has publicly denounced the $52 billion CHIPS Act, characterizing it as a "horrible, horrible thing" during a recent address to Congress. He suggested that the funds should be used to reduce the national debt. Despite Trump's demands, the bipartisan support for the act remains strong, with many Republicans, including the co-author Senator Todd Young, emphasizing its success in enhancing U.S. semiconductor manufacturing and job growth. The act was aimed at reducing dependence on foreign chip production, particularly from Taiwan and China. Since passage, preparations to implement the act have already commenced.
President Trump criticized the bipartisan CHIPS Act, calling it "horrible," but bipartisan support for the legislation remains strong among Republicans and Democrats alike.
Sen. Todd Young, co-author of the CHIPS Act, expressed surprise at Trump's remarks, highlighting the bill's success in boosting semiconductor manufacturing and job creation.
The CHIPS Act was designed to reduce reliance on foreign chip production, enhance domestic manufacturing, and foster competition with China, gaining bipartisan support during its passage.
Trump advocates for tariffs over subsidies for chip manufacturing, believing that subsidies waste taxpayer money and suggesting Congress redirect leftover funds to reduce debt.
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