The announcement follows the CHIPS and Science Act signed by former President Joe Biden in 2022, which aimed to boost U.S. chip manufacturing. During the COVID-19 pandemic, global chip shortages caused significant disruptions, highlighting the need for increased domestic production. Trump has criticized the law, preferring to use tariffs as leverage to bring manufacturing back to the U.S. He has hosted several business leaders at the White House to announce various investments, showcasing his administration's efforts to strengthen the U.S. economy.
Key takeaways:
- TSMC plans to invest $100 billion in the United States to expand chip manufacturing, as announced by President Donald Trump.
- The investment is in addition to the previously announced $65 billion for three plants in Arizona, with the first factory already in mass production.
- The $165 billion total investment is expected to create thousands of high-paying jobs and includes three more chip manufacturing plants and two packaging facilities in Arizona.
- Trump's approach includes threatening high tariffs on imported chips to encourage domestic manufacturing, contrasting with the previous administration's incentives like the CHIPS and Science Act.