On Tuesday, President Donald Trump declared that US lawmakers should repeal a historic bipartisan law from 2022 that would provide $52.7 billion in subsidies for the creation and assembly of semiconductor chips, with the money raised going toward debt repayment.
“Your CHIPS Act is an absolutely awful thing. Even when we donate hundreds of billions of money, it makes no difference. Trump told Congress, “They take our money and they don’t spend it.”
“Mr. Speaker, you should repeal the CHIPS Act and use the money that remains to pay down debt.”
In August 2022, then-President Joe Biden signed the CHIPS and Science Act, which provided $39 billion in US subsidies.
