Trump Calls for End of $52.7 Billion Chips Subsidy Program

The president is in favor of replacing the subsidies with high tariffs in a bid to get foreign companies to manufacture in the United States.

Semiconductor chips on a printed circuit board in this illustration picture taken on Feb. 17, 2023. Florence Lo/Reuters

President Donald Trump is calling for an end to a $52.7 billion semiconductor subsidy program aimed at encouraging companies such as Intel, TSMC, and Samsung to expand manufacturing in the United States.

“Your CHIPS Act is a horrible, horrible thing. We give hundreds of billions of dollars and it doesn’t mean a thing. They take our money and they don’t spend it,” Trump said in a speech to Congress on March 4.