President Joe Biden is traveling to Arizona on Tuesday, where he plans to credit his CHIPS and Science Act as a core reason the Taiwan Semiconductor Manufacturing Company, or TSMC, is pouring billions into new U.S. manufacturing projects.
Biden will visit a TSMC “fab” near Phoenix that was announced under his predecessor, President Donald Trump, in 2020 and will join the company in announcing a second fab in Arizona, bringing the total investment in the state to $40 billion. The White House predicts that both fabs combined would be capable of fulfilling all U.S. demand for high-end semiconductors by 2026 and create “10,000 high-paying, high-tech jobs.”
“When complete, TSMC Arizona will be the greenest semiconductor manufacturing facility in the United States producing the most advanced semiconductor process technology in the country, enabling next generation high-performance and low-power computing products for years to come,” TSMC Chairman Mark Liu added in a statement. “We are thankful for the continual collaboration that has brought us here and are pleased to work with our partners in the United States to serve as a base for semiconductor innovation.”
The semiconductor bill appropriated $52 billion for competitive grants for semiconductor companies and an additional $200 billion for other research projects aimed at lowering costs for families by shoring up the country’s tech supply chain.
“This is actually about building an economic strategy that goes beyond semiconductors,” White House National Economic Council Director Brian Deese told reporters Monday night of the message Biden will outline Tuesday. “This is a marked departure from the economic philosophy that has governed for much of the last 40 years in this country, which was a sort of trickle-down economic strategy.”
Biden is expected to elaborate on his economic plan in televised remarks from the TSMC site following a brief demonstration of the plant’s operational facilities.
The president will highlight the thousands of jobs companies such as TSMC and Intel are bringing back to communities, putting the country back on the path to being “No. 1” in the world in technological manufacturing.
You can watch Biden’s remarks in full below.