The White House on Friday announced an agreement with a major semiconductor manufacturer to invest billions of dollars in an Arizona facility as President Biden looks to shore up some of his legacy in Congress before leaving office in January. It was announced that the agreement had finally been concluded.
Biden said in a statement that bipartisan legislation aimed at expanding production of critical semiconductor chips in the U.S. will be signed into law in 2022, and the government will provide $6.6 billion in grants with Taiwan Semiconductor Manufacturing Company through the Chip and Science Act. announced that the agreement had been completed.
“Today's announcement marks one of the most important milestones yet in the implementation of the bipartisan CHIPS & Science Act, and will ensure that the progress made to date continues to unfold over the coming years to benefit communities across the country.” “This is how we ensure that we deliver the best possible results,” Biden said in a statement.
Biden said the grant is expected to generate $65 billion in private investment for TSMC in Arizona, including three new facilities and the creation of tens of thousands of jobs by the end of the decade. It is said that it will be done. The company's first new facility is on track to open next year.
Biden announced earlier this year that he had entered into a number of preliminary grant agreements with companies, including TSMC, through the CHIPS Act. The announcement of the final agreements underscored the administration's desire to get these agreements across the finish line before President-elect Trump takes office.
In an October interview with podcaster Joe Rogan, President Trump criticized the CHIPS Act as benefiting “wealthy companies” and said he could instead use tariffs to attract companies. insisted. Experts have warned that tariffs will increase the burden on consumers, but President Trump denies this.
House Speaker Mike Johnson (R-Louisiana) had to walk back comments earlier this month in which he said House Republicans would “probably” move to repeal CHIPS and the Science Act.
Biden has repeatedly emphasized the importance of chips and scientific law, citing the widespread use of microchips in everyday technology such as phones, cars and home appliances. Officials said the law is important in ramping up domestic chip production to reduce U.S. dependence on overseas supply chains.
