Biden Administration Finalizes $6.6 Billion In Chips Grants For TSMC (thehill.com) 39
The White House said it's completed a $6.6 billion grant agreement with Taiwan Semiconductor Manufacturing Company (TSMC) through the Chips and Science Act. "Today's announcement is among the most critical milestones yet in the implementation of the bipartisan CHIPS & Science Act, and demonstrates how we are ensuring that the progress made to date will continue to unfold in the coming years, benefitting communities all across the country," Biden said in a statement. The Hill reports: The grant is expected to create $65 billion of private investment by TSMC in Arizona, Biden said, which will include three new facilities and the creation of tens of thousands of jobs by the end of the decade. The first of the company's new facilities is on track to open next year. Biden earlier this year announced a slew of preliminary grant agreements with companies, including TSMC, through the CHIPS law. The announcement of a final agreement underscores how the administration is hoping to get those deals across the finish line before President-elect Trump takes office. [...]
Biden has repeatedly touted the importance of the CHIPS and Science Act, citing the prevalence of microchips that are used in everyday technology such as phones, cars, home appliances and more. Officials have said the law is critical to bolster domestic production of the chips to make the U.S. less reliant on foreign supply chains.
Biden has repeatedly touted the importance of the CHIPS and Science Act, citing the prevalence of microchips that are used in everyday technology such as phones, cars, home appliances and more. Officials have said the law is critical to bolster domestic production of the chips to make the U.S. less reliant on foreign supply chains.
He needs to get it through (Score:5, Interesting)
It is absolutely insane but we are probably going to let China take Taiwan Just due to sheer incompetence and we're not going to have a proper semiconductor industry before then. So they're basically going to be able to tell us what to do for a good 10 or 15 years if we're lucky... Either that or they wreck our entire economy.
It's as if nobody remembers what the semiconductor shortages did during COVID. Christ people have short memories around here.
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That's not how contract law, or the contract clause of the constitution works.
Besides the one who isn't paying chips act money promised, is Joe Biden to Intel Corp
https://www.oregonlive.com/silicon-forest/2024/11/intel-ceo-blasts-biden-administration-over-chips-act-delays-blames-media-for-irresponsible-takeover-reports.html
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Take your meds schitzo. Trump said that companies could avoid tariffs by moving production to America.
-Written on an Intel Xeon laptop CPU from USA.
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TL;DR: Sit the hell down and Shut the fuck up idiot.
Re: He needs to get it through (Score:3)
Good. Americans should get past disposable, cheap Chinese junk that breaks quickly and fills our landfills. Maybe we will start fixing things instead of just replacing and make better product choices. Seems like tariffs will make things better after all.
Re: He needs to get it through (Score:3, Insightful)
"Americans have always been free to do that if they wanted. No need to force tariffs on everyone to do it."
I heard the same dumb argument against increased taxes on cigarettes. Right now far fewer Americans smoke then ever before. And no it is not because they were educated about the health risks. Sometimes you have to make people pay for their bad buying decisions to get them to break from those bad habits.
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If you think Trump's tariffs are going to be paid by anyone other than American Consumers, you're an idiot.
It means production will move to some other place (like Mexico) that won't have tariffs.
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what's to stop him from taking credit for re-re-negotiating NAFTA?
I assume he would.
Will Trump pull a fully function (Score:3)
Trump will be dead and buried before there's any chance of us replicating what Taiwan has now. This isn't like throwing up some apartment buildings for fuck's sake. It'll be 10-15 *years*.
And without subsidies the companies won't do it. Go ahead, do 10,000% tariffs, they'll make you pay it. Because that's how tariff's work!!!
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Moving production would take years and the supply chains would also need to move.
Expect prices on basically everything to skyrocket
Re:He needs to get it through (Score:5, Insightful)
Why would he do that when he can just sit on his thumbs, let the grant go through, and then take credit for any jobs that appear because of it? His moron fans wont know any better. They'll just see "new jobs happened while Trump was in power" without bothering to check the cause of them. Just like people continue to credit the person in the oval office for how the economy is, ignoring that economic changes generally take longer than a presidential term to take full effect -- most of the time it's the previous guy who is responsible for how things are in current day.
Re:He needs to get it through (Score:5, Insightful)
2. He's a vindictive, petty man. Again, he literally pulled viral experts out of China just because Obama put them there.
We put a senile old man who thinks and acts at about a 4th grade level in charge of the country and we gave him control of the courts & Congress. We haven't actually come to terms with that yet.
This is the FAFO stage of our lives. I hope the dream of 99 cent eggs was worth it...
On the plus side
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Little to no jobs? Intel's fab campuses emoloy thousands of people. So do TSMCs.
https://www.tsmc.com/static/ab... [tsmc.com]
TSMC claims they will employ ~6000 people in jobs related to their American fabs.
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The US elected the US as world police.
That's how you cast yourselves, that's the world you created by becoming a superpower, in fact that's precisely what a superpower is.
Don't like it? Go back to an agrarian society.
Re: He needs to get it through (Score:5, Insightful)
So chip fabs are almost literally money printing machines, but for some reason the US taxpayer had to give a Taiwanese company $6.6 billion to help pay for a fab to print more money?
This isn't a "we'll forgive $6.6 of tax revenue we wouldn't see if you built the fab elsewhere", this is a literal gift of $6.6 Billion.
As a reminder, the CHIPS act also gave $10 Billion to Intel to help the company pay for new Fabs - Intel said thank you, but we won't use the money to build any additional fab capacity, we'll just apply the $10 Billion to what we were already planning to do".
These companies can EASILY self-finance their fabs, why does the taxpayer need to hand them (remember, they're grants, not tax savings) BILLIONS of money?
Well, it does let democrats cosplay helping 'struggling' industries... and wasn't that really the goal?
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So without the bribe (Score:2)
We could of course just have the government build the foundries itself but that would b
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Depending on the statistic you choose, about half of Taiwan is anti-China, the other half isn't. China only needs to sway a small percentage of Taiwan to gain the needed support to unify. War is costly, ugly, and makes you look like a bully when you win.
Then there's the US who "Ordered Taiwan" to stop selling chips to certain customers. And the US bullies and controls Taiwan constantly.
But, the US is very smart, they are paying huge amounts to make it so they retain access to T
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Let Chine take Taiwan? That won't happen overnight. Asshole thinks of everything in terms of bunko artist. First, he tell Taiwan pay up or he sic China on them. That will go on until Taiwan objects. Next Asshole with do a "tremendous deal" with China: China gets Taiwan and the U.S. gets to continue buy chips from Red Taiwan in exchange for China's "promised" increases in buying America's products. They promised that last time and bought increasingly squat.
The entire tariff idea is another bunko scheme of hi
Actually... (Score:4, Informative)
Trump wants to move the factories for many industries into the US and would prefer to do it on the cheap (as many other countries do) by a combination of tariffs and regulations that simply make it more profitable for a company to make things that are intended to be used in America, IN America. What Biden is doing has the same effect (getting TSMC to build a plant in the USA) but does it the expensive (to taxpayers) way with just a big ol' cash giveaway.
Trump's not likely to cancel it, since it gets the new factory here AND Biden is at fault for the down-side (the price tag)
The semiconductor guys in Taiwan may well find it in their own personal self-interest to put factories in various free Western nations and some of their executives might want to move to those countries and take their families along as an insurance policy. It could be nice to be, along with ones family, outside of a warzone on the day that China decides to invade. There's simply no way of knowing if Taiwan and its allies can convince China that the price of an invasion would be too high.
Also, it was NOT Trump that pulled our people out of China just before COVID. Multiple things happened to cause multiple groups of people to get pulled. The people playing with viruses there WERE pulled before COVID after the OMB finally put its government foot down on the activities of Dr Fauci who had defied both Obama and Trump in shifting research over there which had been being done [illegally] here. Neither president succeeded in stopping Fauci - it took the OMB cutting off the funds to stop him. Then FDA pulled its people out after COVID arose, as a protective measure for those employees (who were NOT epidemiologists but were things like food and drug safety inspectors) in the face of an apparently lethal new novel virus for which no cure or vaccine had been yet found.
Not every thing is a "Trump GOOD" or "Trump BAD" thing. Most things are good or bad on their own, and most things happen without any President being involved.
More waste (Score:1)
Does not matter when (Score:1)
the administration is hoping to get those deals across the finish line before President-elect Trump takes office
Does not matter when, Trump will take credit for this plus the lower Drug Prices enacted by Biden. That is how the GOP stays in power. The democrats enact legislation, somehow the GOP delays it and takes credit for it when it is applied. Then the GOP increases the federal deficit by giving the very rich a big tax cut, blames the democrats for the deficit. Democrats start to fix the issues, rinse then repeat.
If the democrats were smart, this term they would enact all the GOP proposals and let the country