President Donald Trump urged Congress to repeal the $52 billion CHIPS Act, calling it wasteful government spending, multiple outlets reported Wednesday, citing Trump's speech to Congress.
Trump told House Speaker Mike Johnson to repeal the program and redirect any remaining funds toward debt reduction or other uses, media reports said.
The legislation has prompted more than $400 billion in semiconductor investments, with the Biden administration recently approving more than $33 billion in subsidies, including up to $7.86 billion for Intel Corp. (INTC), $6.6 billion for Taiwan Semiconductor Manufacturing (TSM), and $6.1 billion for Micron Technology (MU), as well as $4.75 billion for Samsung Electronics, these reports said.
The CHIPS Act has bipartisan support, and many states benefit from chip manufacturing projects, according to these reports.
Intel, TSMC, and Micron did not immediately respond to MT Newswires' request for comment.
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