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House Speaker Mike Johnson, R-La., told reporters Friday he expects Republicans to try and repeal the CHIPS Act if GOP lawmakers take control of Congress and former President Donald Trump wins the presidency, later walking back the comment, which would have marked the most explicit a top Republican has been this election cycle about moving to repeal act that aims to strengthen the United States’ standing in the global semiconductor race.
Speaker of the House Mike Johnson, R-La., speaks to supporters of former President Donald Trump, at ... [+]
AFP via Getty Images
Key Facts
Johnson said “I expect that we probably will,” when asked if Republicans will attempt to repeal the act if Trump wins and Republicans have control of Congress following the election.
Rep. Brandon Williams, R-N.Y., spoke to reporters alongside Johnson and did not seem to share his opinion—though he did not answer whether he would vote to repeal or keep the act, he said he will remind Johnson “night and day how important the CHIPS Act is.”
Johnson later said in a statement the CHIPS Act “is not on the agenda for repeal,” suggesting the bill could be modified to fall further in line with Republican policies.
Williams said he spoke with Johnson immediately after the Syracuse event and said the speaker told him he misheard the question and “apologized profusely.”
Former President Donald Trump has criticized the act designed to bolster the United States’ semiconductor supply chain and insisted tariffs would work better.
Boils down to “Biden bad” for these guys. They don’t have any policy positions. If the Democrats passed something they want it repealed. That’s as far as they think
Boils down to “Biden bad” for these guys. They don’t have any policy positions. If the Democrats passed something they want it repealed. That’s as far as they think
I think some of them are clueless despite they can stand in front of the microphone to talk. They totally forgot the Chips Act legislation efforts and the successful negotiations that brought TSMC to Arizona started during Trump administration. Trump's Secretary of State Mike Pompeo and his team pushed it through many hurdles.
The funny part is that Trump is currently against the CHIPS Act. That means Mr. Trump is against the President Trump.
I think some of them are clueless despite they can stand in front of the microphone to talk. They totally forgot the Chips Act legislation efforts and the successful negotiations that brought TSMC to Arizona started during Trump administration. Trump's Secretary of State Mike Pompeo and his team pushed it through many hurdles.
The funny part is that Trump is currently against the CHIPS Act. That means Mr. Trump is against the President Trump.
Once the GOP and Trump are reminded of the fact that Mike Pompeo pushed for it, the CHIPs act should survive. TSMC Arizona need to rename itself as Trump Semiconductor Manufacturing Company-AZ and Intel might need to name lakes and forests after members of the Trump family though.
I think some of them are clueless despite they can stand in front of the microphone to talk. They totally forgot the Chips Act legislation efforts and the successful negotiations that brought TSMC to Arizona started during Trump administration. Trump's Secretary of State Mike Pompeo and his team pushed it through many hurdles.
The funny part is that Trump is currently against the CHIPS Act. That means Mr. Trump is against the President Trump.
Can’t wait until trump gets dusted tomorrow so we can move on from this horror show. A man you wouldn’t want to leave alone with your daughter should not be president. He’s shown himself to be comically inept and outright dangerous
The US presidential election has brought the CHIPS Act into focus as artificial intelligence (AI) weighs the impacts of Vice President Kamala Harris or former President Donald Trump's White House. Rhodium Group director Reva Goujon joins Julie Hyman and Josh Lipton on Market Domination to break down her expectations for the CHIPS Act under the next presidential administration.
"The CHIPS Act is extremely unlikely to be repealed. There is bipartisan support for industrial policy, especially for chips, but it comes down to results," Goujon tells Yahoo Finance, noting that the "stakes are high" for Intel (INTC) and Taiwan Semiconductor Manufacturing Company (TSM) specifically.
"One important thing to keep in mind is that we've actually seen some pragmatism out of the Biden administration in realizing that these chip fabs are not going to be built on this kind of timeline if they don't start accelerating things. And so there have already been compromises, for example, on environmental reviews, where fabs are not going to need National Environmental Policy Act reviews, and that's all meant to kind of accelerate this process. So, in terms of trying to shore up the CHIPS Act, I would see those kinds of provisions being targeted but not the overall strategic goal of getting funding behind bolstering chip manufacturing in the United States," the strategist says.
www.forbes.com
