U.S. President Donald Trump’s administration is renegotiating some of the Biden-era grants to semiconductor firms, suggesting some awards may be cut. U.S. Commerce Secretary Howard Lutnick pointed to Taiwanese semiconductor giant TSMC’s increased investment in the U.S. as an example of successful renegotiation. TSMC declined to comment on the statement.
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00:00The Trump administration is renegotiating some Biden-era grants to semiconductor firms, suggesting they may be overly generous.
00:09At a Wednesday hearing, U.S. Commerce Secretary Howard Lutnick pointed to Taiwanese semiconductor giant TSMC's increased investment in the U.S. as an example of successful renegotiation.
00:22The company initially pledged US$65 billion, which it later increased to US$165 billion.
00:30TSMC declined to comment on Lutnick's statement.
00:34Former U.S. President Joe Biden signed the CHIPS Act into law in 2022, setting aside more than US$50 billion to attract chip firms to invest in U.S.-based research and production.