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US Commerce Secretary Howard Lutnick has signaled he could withhold promised Chips Act grants as he pushes companies to substantially expand their US projects, according to people familiar with the matter. His goal is to generate tens of billions of dollars in additional semiconductor investment commitments without increasing the size of federal grants, said the people. The Commerce Department didn’t respond to requests for comment. Bloomberg's Tom Mackenzie reports.
Trump signs order to set up new entity to take over Biden’s Chips Act program
US Investment Accelerator will oversee the semiconductor production boosting law signed into law in August 2022
Donald Trump signed an executive order on Monday setting up a new entity to take over the Chips Act program and speed up corporate investments in the US.
The United States Investment Accelerator within the commerce department will oversee implementing the Chips and Science Act, a 2022 law that made $52.7bn in subsidies available for semiconductor chips manufacturing and production.
Trump has repeatedly criticized the bipartisan Chips Act, signed by then president Joe Biden in August 2022. Earlier in March he said US lawmakers should get rid of it and instead use the proceeds to pay debt.
The new office will be responsible for “negotiating much better Chips Act deals than the previous administration”, the White House said, without providing further details on what would be negotiated.
The Investment Accelerator will also encourage companies to make large investments in the US by reducing regulatory burdens, speeding up permitting, coordinating with federal agencies and states, and increasing access to national resources, according to a fact sheet released by the White House.
