By Free Republic | Created at 2024-11-15 15:05:02 | Updated at 2024-11-22 20:49:31
1 week ago
Biden Cements TSMC Grant Before Trump Takes Over
New York Times ^ | 15th November 2024 | Ana Swanson and Madeleine Ngo
Posted on 11/15/2024 6:57:38 AM PST by Cronos
The Biden administration said on Friday that it had completed an agreement to award Taiwan Semiconductor Manufacturing Company up to $6.6 billion in grants, as federal officials race to put in place their plans to boost U.S. chip manufacturing before the end of President Biden’s term.
The administration struck a preliminary agreement in the spring to provide TSMC with the funding, which will support three new factories in Phoenix. The government will give TSMC the money in tranches as the company meets milestones.
In a statement, Mr. Biden said that the foreign direct investment in the facilities was the largest for a new factory project in U.S. history, and that the announcement on Friday was “among the most critical milestones yet” in the rollout of his chips program.
The agreement “demonstrates how we are ensuring that the progress made to date will continue to unfold in the coming years, benefiting communities all across the country,” Mr. Biden said.
The administration is expected to finish more grant awards in the coming weeks. But the projects might come too late for Mr. Biden to receive much credit. Chip factories take years to build, and many of these projects will not break ground — or produce chips — until well into President-elect Donald J. Trump’s term.
Mr. Biden’s administration is working to cement its legacy with the grants as part of a $39 billion program to revitalize U.S. technology manufacturing and reduce reliance on foreign nations for critical semiconductors. The program is a pillar of the president’s economic policy, which has largely focused on bolstering American manufacturing.
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(Excerpt) Read more at nytimes.com ...
TOPICS: Business/Economy; US: Arizona
KEYWORDS:
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1 posted on 11/15/2024 6:57:38 AM PST by Cronos
To: Cronos
2 posted on 11/15/2024 7:01:45 AM PST by bert ( (KE. NP. +12) Where is ZORRO when California so desperately needs him?)
To: Cronos
The actions and work to establish TSMC (and other producers’) chip “fabs” in Arizona began long BEFORE the pretender Biden was installed in office.
3 posted on 11/15/2024 7:03:32 AM PST by House Atreides (I’m now ULTRA-MAGA-PRO-MAX.)
To: Cronos
Listen to the NYT babbling about Biden’s “legacy” of a few chip fabs. These poor suckers just can’t let go.
4 posted on 11/15/2024 7:04:40 AM PST by hinckley buzzard ( Resist the narrative.)
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