The United States will award Taiwanese chip giant TSMC up to US$6.6 billion in direct funding to help build several plants on US soil, officials said on Friday (Nov 15), finalising the deal before Donald Trump's administration enters the White House.
"Today's final agreement with TSMC - the world's leading manufacturer of advanced semiconductors - will spur US$65 billion of private investment to build three state-of-the-art facilities in Arizona," said President Joe Biden in a statement.
The Biden administration's announcement comes shortly before President-elect Donald Trump takes office.
Trump has recently criticised the CHIPS Act, a major law passed during Biden's tenure aimed at strengthening the US semiconductor industry and reducing the country's reliance on Asian suppliers, including Taiwan.
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