President Trump has called for the termination of a program aimed at supporting chip production, alleging that chip manufacturers are receiving money but not spending it. In a speech in Congress, Trump urged House Speaker Mike Johnson to abandon the $52 billion chip program. Former President Trump criticized the CHIPS Act, implemented during the Joe Biden administration to boost domestic semiconductor production, as a “terrible thing,” stating that “We are giving away billions of dollars and it makes no sense. They take our money and don’t spend it.” President Biden had signed the bipartisan chip bill in 2022, which included $39 billion in grants and a 25% tax credit to bring chip production back to America, along with $11 billion allocated for chip research and development programs. The funds were distributed among leading chip manufacturers such as TSMC, Intel, Samsung, and Micron, as well as older-generation chip makers like GlobalFoundries and Texas Instruments. The regulation resulted in more than $400 billion in investments in the chip industry.