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Trump renegotiating Biden-era Chips Act grants, Lutnick says
- President Donald Trump's administration is renegotiating some grants from the Biden-era Chips Act to semiconductor firms to benefit American taxpayers.
- U.S. Commerce Secretary Howard Lutnick mentioned that some grants were considered 'overly generous' and are likely to be axed during renegotiation.
- The Chips Act initially awarded funds to major companies, including Taiwan's TSMC and U.S.-based Intel and Micron, with disbursements just starting before Biden left office.
- Lutnick highlighted successful renegotiations, noting TSMC increased its investment pledge from $65 billion to $165 billion while modifying its $6 billion grant without losing funding.
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Trump Admin Is Renegotiating CHIPS Act Deals to Secure More Investment, Lutnick Says
The Trump administration is reworking deals made with semiconductor makers under the Biden-era CHIPS Act to secure better terms that would bring more investment to the United States, according to Secretary of Commerce Howard Lutnick. At a Senate Appropriations Committee hearing on Wednesday, Lutnick highlighted a revised deal with TSMC, which received $6.6 billion in direct federal funding under the CHIPS Act in exchange for a commitment to inve…
·New York, United States
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Coverage Details
Total News Sources24
Leaning Left2Leaning Right5Center9Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
13%
C 56%
R 31%
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