Trump: should get rid of chips act, tariffs will require period of adjustment

Trump is speaking to a joint session of Congress.

• Says tariffs will create disturbance
• Tariffs will require a period of adjustment
• Wants to repeal the CHips Act
• Reiterates 25% tariffs for aluminum, copper, steel

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The U.S. CHIPS and Science Act, signed into law in August 2022, aims to strengthen domestic semiconductor manufacturing, research, and supply chain resilience. It provides $52.7 billion in funding, including $39 billion in manufacturing incentives and $13.2 billion for R&D and workforce development, to reduce reliance on foreign chip production, particularly from China. The Act also includes a 25% investment tax credit for semiconductor manufacturing and aims to enhance U.S. competitiveness in critical technologies. By bolstering domestic chip production, the legislation seeks to secure national security, drive innovation, and create high-tech jobs.

This article was written by Eamonn Sheridan at www.forexlive.com.