Preliminary Agreement with Taiwan Semiconductor Manufacturer Announced

President Biden says, if finalized, will provide $6.6 billion to build U.S.-based manufacturing facilities

This week, President Joe Biden announced a preliminary agreement with the Taiwan Semiconductor Manufacturing Company (TSMC). If the agreement is finalized, it will provide the company with $6.6 billion through the CHIPS and Science Act, the largest investment made by the 2022 legislation. Of that $6.6 billion, $65 million would go toward the construction of three manufacturing facilities in Phoenix, Arizona, and $50 million would be used to train and hire a local workforce.

“A year and a half ago, I toured the site of TSMC’s first new fab in Phoenix, Arizona,” President Biden stated. “TSMC’s renewed commitment to the United States, and its investment in Arizona represent a broader story for semiconductor manufacturing that’s made in America and with the strong support of America’s leading technology firms to build the products we rely on every day.”

As the Lord Leads, Pray with Us…

  • For the president and members of his administration as they provide incentives for companies to increase technology and microchip production within the U.S.
  • That U.S. officials would receive wisdom from the Lord as they make decisions and set economic and technology policies.

Sources: The Hill, CNN


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