Latest news with #CHIPsAct
Yahoo
19-03-2025
- Business
- Yahoo
Our View: Young has to prove Trump wrong
Until President Donald Trump called the CHIPs Act a 'tremendous waste of money,' West Lafayette stood to be home to a global manufacturer and supplier of semiconductor devices. SK hynix would have packaged artificial intelligence products and supported the work of the Purdue University Research Foundation. To fulfill that mission — and bring from 3,000 to 5,000 jobs into Indiana — SK hynix was set to receive up to $458 million from the U.S. Department of Commerce while pledging to invest $3.87 billion in the state. This was arranged through an agreement that developed from the CHIPS and Science Act — the bipartisan act that was to serve as an offensive against China and other out-of-country producers. Among other Indiana beneficiaries: Naval Surface Warfare Center's Crane Division with a $238 million program to research and produce semiconductors for the Department of Defense, and Indiana's Heartland BioWorks Tech Hub was to receive about $51 million for biotech manufacturing, estimated to help create 9,000 new jobs and generate $2.6 billion in annual economic output when it's up and running. So no, Mr. President, CHIPs is not a waste of money for Hoosiers. Nor for other states; for example, Texas Republicans are defending CHIPS and Arizona has contracts that cannot be cancelled. But as Trump made the distasteful and inaccurate insult on March 7, he also spoke against the best practices steps that funding applicants had to show. 'It's very hard to qualify because they go by race, they go by gender, they go by all sorts of things,' Trump said. It would be hard, Trump maintained, for the government to verify where the money was spent. Clearly some DOGE functionary has been sorting through Congressional acts and searching for the words 'diversity,' 'gender' or 'race.' And that was enough to have Trump tell House Speaker Mike Johnson to find a way to kill CHIPS funding. Coincidentally perhaps, DOGE czar Elon Musk was reportedly interested in purchasing Intel, which was awarded $7 billion to manufacture semiconductors in four states including Ohio. On March 7, the stock price of Intel Corp. dropped from a high that morning of $21.10 to $20.37. That may not make a difference, as Intel had to agree to limit the capital to stockholders for three years under the CHIPs agreement. The price is back up to $25-plus. No one is implying, of course, that the elimination of government funding for the CHIPS act would lower the cash flow — lower than, say, Intel's 2024 drop — and value of semiconductor manufacturers, making it cheaper for outsiders to buy. That would be wild speculation. Instead, Hoosiers could focus on the likely battle for U.S. Sen. Todd Young, the Indiana Republican who was a driving force behind CHIPS. Young, who was reportedly blindsided by the president's remarks, has to explain and sell the promise of the act to Trump and Musk. Young has already started the effort by attempting to sell Trump on using the CHIPS Act to aid national economic security. Young must convince Musk and now congressional Trump loyalists that CHIPS awardees are making huge investments of their own money in securing thousands of jobs and taking work from China. It's a mission worthy of a battle.
Yahoo
07-03-2025
- Business
- Yahoo
Sen. Bernie Moreno on tariffs, education, and immigration
COLUMBUS, Ohio (WCMH) — U.S. Senator Bernie Moreno (R-Ohio) went one-on-one with NBC 4's Ohio Statehouse reporter Natalie Fahmy in a five-minute interview to answer questions about tariffs, the Department of Education, immigration and more. Tariffs: 'If they tariff us, we're going to tariff them.' President Donald Trump continues to impose or threaten tariffs. The latest round has been delayed until the start of April, but still Moreno said in general, they are effective. Moreno said there are 'a couple of conversations here' and said the first is that tariffs against Canada and Mexico are a safety tactic. 'Because Canada and Mexico have enabled that fentanyl that kills Americans to the tune of 100,000 a year to come into our country and their bad behavior must change,' Moreno said. 'So, if they want to get rid of those tariffs now, they have to stop the flow of fentanyl, they have to shut down these labs. Mexico's got to get rid of these drug cartels. If they do that, the tariffs go away.' Moreno added that the way we are treated by other countries is going to be reciprocated. 'Canada, Mexico, India, the European Union, you name it, if they tariff us, we're going to tariff them,' Moreno said. 'If they want to eliminate all tariff barriers, including non-tariff barriers, then we're going to have fair and reciprocal trade, which is what President Trump wants.' Moreno said tariffs also play into bringing business to the U.S. and defended Trump's comments about repealing the CHIPS Act with that argument. Repealing the CHIPS Act: 'We're going to make them do business here.' In a joint address on Tuesday night, Trump called the CHIPS Act, which helped secure Ohio's intel deal, 'terrible,' and called on Congress to repeal it. When asked if he would vote to repeal it, if it came down to that, Moreno did not definitively say yes or no. Instead, he said Trump has a different tactic. 'After the CHIPs Act passed, Intel got no money from the federal government until the last two weeks of the Biden administration, and it came with so many onerous rules and regulations that almost made it unworkable for Intel,' Moreno said. 'What President Trump is saying is, 'Look, with tariffs, these companies will want to come here, build here, and we don't need to give one cent of taxpayer dollars.' Much better approach.' Moreno said this is about fixing tax and regulatory policies while saving taxpayer money. When asked if that meant he would vote to repeal the CHIPS Act, he still did not give a clear answer. 'As I laid out that we have there's different approaches and how we could get there and the approach that President Trump is taking is much, much better, and that's why it didn't work for Biden. I mean, he didn't give Intel a cent until the very last two weeks of his administration because the rules and regulations that came with the money were onerous,' Moreno said. And why do we want to take taxpayer dollars and give it to corporations to beg them to do business here? We're going to make them do business here with tariffs. That's a much more effective strategy.' Moreno's stance is different from Sen. Jon Husted (R-Ohio). Husted championed the CHIPS Act as lieutenant governor, and in a statement, said he is hopeful it will remain in place. 'The CHIPS Act was one of the only major bipartisan pieces of legislation to pass in the last Congress, and I am confident bipartisan support remains,' Husted wrote. 'For the economic and national security of America, we need to make chips in the USA—I believe this is part of an America First agenda. Making chips in places like Ohio will make sure that China doesn't win.' Department of Government Efficiency and Elon Musk: 'God bless him.' Elon Musk is head of a new Department of Government Efficiency, or DOGE. Musk has been permitted to cabinet meetings and is often with Trump in the oval office. Moreno said Musk is playing a key role in government accountability. 'What Elon Musk is doing, God bless him,' Moreno said. 'For him to take his volunteer time to do what he's doing, long overdue, to root out waste, fraud and abuse, finally, from our federal bureaucracy, make certain that when you and I pay money, that our taxpayer dollars are being used wisely.' Moreno does not think that Musk's role usurps the power of Congress; in fact, Moreno said Musk is accountable to Congress. 'Because when Congress appropriates money to the to the executive branch, we want to make sure that money is being used properly,' Moreno said. 'But unfortunately, the way it was being run, there was no accountability. So, Elon is Elon is bringing that discipline. DOGE is doing amazing work of rooting out incredibly obscene amounts of waste, fraud and abuse, saving about $4 billion a day for the taxpayers. God bless him. He's a generational talent and I can't even imagine that somebody in his position is willing to do this. Dismantling the Department of Education: 'Our illiteracy rate is at an all-time high.' Trump is looking to dismantle the Department of Education and while some warn of negative ripple effects to K-12 students, Moreno believes the move would usher in the opposite response. 'The consequences are going to be that we have dramatically better educational outcomes since the department was created in 1979,' Moreno said. 'Look at where we are in our educational system. We're way behind in reading. We're way behind in math. Our illiteracy rate is at an all-time high. You have you have many kids that can't even pass basic elementary tests.' Moreno said low test scores and students who cannot read at grade-level is a result of 'the federal government and overreach.' Moreno said the states need more control. 'We need to move that responsibility and that money to states where they can do a much better job of getting parents and local communities back in charge of their kids' education. And that's absolutely an imperative,' Moreno said. 'As you know, Natalie, cause you covered my campaign. It's something that I campaigned on, and I firmly believe is essential to improve educational outcomes in this country.' Local Courts and Federal Immigration Laws: 'She should be ashamed of herself.' Moreno penned a letter to a Columbus judge at the Franklin County Court of Common Pleas, after the court opted to prohibit ICE arrests on its grounds. 'It's disgusting to see a judge who's supposed to be somebody who makes certain that justice is carried out properly and the laws are followed to say that she won't follow federal law,' Moreno said. 'I mean, that is an absolute abdication of her responsibility. She should be ashamed of herself. And I'm expecting a response to my letter in short order.' Moreno said 'nobody is above the law' and called the judge 'rogue.' 'We've made it very clear: any human being who violates federal law will be prosecuted in this country. We're not going to put up with any nonsense and we're not going to put up with anybody impeding federal law enforcement actions,' Moreno said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
05-03-2025
- Politics
- Yahoo
Trump repeatedly attacks Biden in speech to Congress
President Trump repeatedly attacked his predecessor, former President Biden, during his speech to Congress on Tuesday night, at one point calling him 'the worst president in American history.' Trump, who referenced Biden and his administration more than a dozen times in his speech, suggested Biden had an 'open southern border' and said his administration inherited 'an economic nightmare' from the Biden administration. Trump touted that migrant crossings at the U.S. southern border are now down during his presidency, and said he was fighting 'to reverse this damage' on the economy. Towards the end of his remarks, Trump called out the chaotic Afghanistan withdrawal, which was one of the biggest bruises on Biden's presidency. Trump announced the U.S. apprehended a terrorist he said was responsible for the bombing at Abbey Gate in Afghanistan that killed 13 U.S. service members and dozens of Afghan civilians. 'He is right now on his way here to face the swift sword of American justice,' Trump said, prompting applause in the chamber. 'Such incompetence was shown that when [Russian President Vladimir] Putin saw what happened he said, 'guess this is my chance,'' he added, noting that he spoke recently with family members of the servicemembers who died in the bombing. Since he returned to the White House in January, Trump has repeatedly talked about his predecessor. He mentioned Biden at various speeches and Oval Office appearances in the weeks before Tuesday's joint address, blaming him for rising prices of some goods, particularly eggs, and calling him 'a disaster' with 'horrible' policies. During the address, he called the Biden team 'a failed administration' while introducing the family of Laken Riley in the chamber. Riley was killed roughly a year ago by a Venezuelan migrant and her murder became a rallying cry for Trump during the 2024 race. 'Joe Biden's insane and very dangerous open border policies – they are now strongly embedded in our country but we are getting them out and getting them out fast,' Trump said, referring to migrants who entered the country illegally. The president then mocked Biden and fellow Democrats for suggesting congress had to act to crack down on immigration. 'Our friends in the Democrat Party kept saying we needed new legislation,' Trump said. 'We must have legislation to secure our border. But it turns out, all we really needed was a new president.' And the president alluded to the 2024 race when he said that companies wouldn't be investing in the U.S. if Vice President Harris had won in November. Trump slammed the CHIPs and Science Act, which was one of Biden's signature achievements that aimed to boost domestic semiconductor production and passed Congress with bipartisan support. 'Your CHIPs Act is a horrible, horrible thing,' he said. 'You should get rid of the CHIPs Act and whatever's left over, Mr. Speaker, you should use it to reduce debt or any other reason you want to.' He also ripped Biden's actions on the environment and energy, saying the former president's environment restrictions 'were making our country far less safe and totally unaffordable' and he mocked Biden's 'insane electric vehicle mandate.' The Biden administration aimed to have at least half of new vehicles sold in the country to be zero-emission cars by 2030. Other jabs at Biden included Trump saying his predecessor gave too much help, without asking for anything in return, to Ukraine after Russia's invasion and that he didn't do enough to secure the release of Marc Fogel, who was released from Russian prison last month. Trump also went after familiar Democratic foes, including Sen. Elizabeth Warren (D-Mass.), using his derogatory 'Pocahontas' nickname for her during his speech. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
05-03-2025
- Politics
- The Hill
Trump repeatedly attacks Biden in speech to Congress
President Trump repeatedly attacked his predecessor, former President Biden, during his speech to Congress on Tuesday night, at one point calling him 'the worst president in American history.' Trump, who referenced Biden and his administration more than a dozen times in his speech, suggested Biden had an 'open southern border' and said his administration inherited 'an economic nightmare' from the Biden administration. Trump touted that migrant crossings at the U.S. southern border are now down during his presidency, and said he was fighting 'to reverse this damage' on the economy. Towards the end of his remarks, Trump called out the chaotic Afghanistan withdrawal, which was one of the biggest bruises on Biden's presidency. Trump announced the U.S. apprehended a terrorist he said was responsible for the bombing at Abbey Gate in Afghanistan that killed 13 U.S. service members and dozens of Afghan civilians. 'He is right now on his way here to face the swift sword of American justice,' Trump said, prompting applause in the chamber. 'Such incompetence was shown that when [Russian President Vladimir] Putin saw what happened he said, 'guess this is my chance,'' he added, noting that he spoke recently with family members of the servicemembers who died in the bombing. Since he returned to the White House in January, Trump has repeatedly talked about his predecessor. He mentioned Biden at various speeches and Oval Office appearances in the weeks before Tuesday's joint address, blaming him for rising prices of some goods, particularly eggs, and calling him 'a disaster' with 'horrible' policies. During the address, he called the Biden team 'a failed administration' while introducing the family of Laken Riley in the chamber. Riley was killed roughly a year ago by a Venezuelan migrant and her murder became a rallying cry for Trump during the 2024 race. 'Joe Biden's insane and very dangerous open border policies – they are now strongly embedded in our country but we are getting them out and getting them out fast,' Trump said, referring to migrants who entered the country illegally. The president then mocked Biden and fellow Democrats for suggesting congress had to act to crack down on immigration. 'Our friends in the Democrat Party kept saying we needed new legislation,' Trump said. 'We must have legislation to secure our border. But it turns out, all we really needed was a new president.' And the president alluded to the 2024 race when he said that companies wouldn't be investing in the U.S. if Vice President Harris had won in November. Trump slammed the CHIPs and Science Act, which was one of Biden's signature achievements that aimed to boost domestic semiconductor production and passed Congress with bipartisan support. 'Your CHIPs Act is a horrible, horrible thing,' he said. 'You should get rid of the CHIPs Act and whatever's left over, Mr. Speaker, you should use it to reduce debt or any other reason you want to.' He also ripped Biden's actions on the environment and energy, saying the former president's environment restrictions 'were making our country far less safe and totally unaffordable' and he mocked Biden's 'insane electric vehicle mandate.' The Biden administration aimed to have at least half of new vehicles sold in the country to be zero-emission cars by 2030. Other jabs at Biden included Trump saying his predecessor gave too much help, without asking for anything in return, to Ukraine after Russia's invasion and that he didn't do enough to secure the release of Marc Fogel, who was released from Russian prison last month. Trump also went after familiar Democratic foes, including Sen. Elizabeth Warren (D-Mass.), using his derogatory 'Pocahontas' nickname for her during his speech.
