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Time of India
3 hours ago
- Business
- Time of India
Trump renegotiating Biden-era Chips Act grants, Lutnick says
President Donald Trump's administration is renegotiating some of former President Joe Biden's grants to semiconductor firms, U.S. Commerce Secretary Howard Lutnick said at a hearing on Wednesday, suggesting some awards may be axed. Some of the Biden-era grants "just seemed overly generous, and we've been able to renegotiate them," Lutnick told lawmakers on the Senate Appropriations Committee, adding the goal was to benefit American taxpayers. "All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place," Lutnick said, appearing to signal that not all the awards would survive renegotiation. Biden in 2022 signed the CHIPS and Science Act to plow $52.7 billion into boosting semiconductor chips manufacturing and research in the U.S. and luring chipmakers away from Asia. The program rolled out billions in grants for semiconductor heavyweights including Taiwan's TSMC, South Korea's Samsung and SK Hynix, as well as U.S.-based Intel and Micron . The grants, while signed, had only just begun to be disbursed by the time Biden left office. The details of those plans are not public but the money is meant to be disbursed as companies make progress toward their pledged plant expansions. More bang for the buck Lutnick pointed to TSMC as an example of successful renegotiation. He said the chipmaker -- which won a $6 billion Chips Act award -- had increased by $100 billion its initial pledge to invest $65 billion in U.S. manufacturing. "We were able to modify the award for the same $6 billion of (government) funding," he said. TSMC announced the $100 billion in added investment in March but it was not immediately clear whether that was part of a renegotiation of its Chips Act award. TSMC declined to comment. Reuters reported in February that the White House was seeking to renegotiate the awards and had signaled delays to some upcoming semiconductor disbursements. Lutnick also said the administration agrees with the goal of having more than 50% of global AI computing capacity in America, responding to concerns that deals like the one announced by Trump last month to allow the United Arab Emirates to buy advanced American artificial intelligence chips could deprive the United States of key AI computing power.
Straits Times
6 hours ago
- Business
- Straits Times
Trump renegotiating Biden-era Chips Act grants, Lutnick says
The Trump administration is renegotiating some of former President Joe Biden's grants to semiconductor firms, with an official suggesting some awards may be axed. PHOTO: REUTERS WASHINGTON - US President Donald Trump's administration is renegotiating some of former President Joe Biden's grants to semiconductor firms, US Commerce Secretary Howard Lutnick said at a hearing on June 4, suggesting some awards may be axed. Some of the Biden-era grants 'just seemed overly generous, and we've been able to renegotiate them,' Mr Lutnick told lawmakers on the Senate Appropriations Committee, adding the goal was to benefit American taxpayers. 'All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place,' Mr Lutnick said, appearing to signal that not all the awards would survive renegotiation. Mr Biden in 2022 signed the Chips and Science Act to plow US$52.7 billion (S$67.81 billion) into boosting semiconductor chips manufacturing and research in the US and luring chipmakers away from Asia. The programme rolled out billions in grants for semiconductor heavyweights including Taiwan's TSMC, South Korea's Samsung and SK Hynix, as well as US-based Intel and Micron. The grants, while signed, had only just begun to be disbursed by the time Mr Biden left office. The details of those plans are not public, but the money is meant to be disbursed as companies make progress toward their pledged plant expansions. More bang for the buck Mr Lutnick pointed to TSMC as an example of successful renegotiation. He said the chipmaker – which won a US$6 billion Chips Act award – had increased by US$100 billion its initial pledge to invest US$65 billion in US manufacturing. 'We were able to modify the award for the same US$6 billion of (government) funding,' he said. TSMC announced the US$100 billion in added investment in March, but it was not immediately clear whether that was part of a renegotiation of its Chips Act award. TSMC declined to comment. Reuters reported in February that the White House was seeking to renegotiate the awards and had signalled delays to some upcoming semiconductor disbursements. Mr Lutnick also said the administration agrees with the goal of having more than 50 per cent of global AI computing capacity in America, responding to concerns that deals like the one announced by Mr Trump in May to allow the United Arab Emirates to buy advanced American artificial intelligence chips could deprive the United States of key AI computing power. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
6 hours ago
- Business
- Time of India
Trump renegotiating Biden-era Chips Act grants, Lutnick says
President Donald Trump's administration is renegotiating some of former President Joe Biden's grants to semiconductor firms, U.S. Commerce Secretary Howard Lutnick said at a hearing on Wednesday, suggesting some awards may be axed. Some of the Biden-era grants "just seemed overly generous, and we've been able to renegotiate them," Lutnick told lawmakers on the Senate Appropriations Committee, adding the goal was to benefit American taxpayers. "All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place," Lutnick said, appearing to signal that not all the awards would survive renegotiation. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo Biden in 2022 signed the CHIPS and Science Act to plow $52.7 billion into boosting semiconductor chips manufacturing and research in the U.S. and luring chipmakers away from Asia. The program rolled out billions in grants for semiconductor heavyweights including Taiwan's TSMC, South Korea's Samsung and SK Hynix, as well as U.S.-based Intel and Micron . Live Events The grants, while signed, had only just begun to be disbursed by the time Biden left office. The details of those plans are not public but the money is meant to be disbursed as companies make progress toward their pledged plant expansions. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories More bang for the buck Lutnick pointed to TSMC as an example of successful renegotiation. He said the chipmaker -- which won a $6 billion Chips Act award -- had increased by $100 billion its initial pledge to invest $65 billion in U.S. manufacturing. "We were able to modify the award for the same $6 billion of (government) funding," he said. TSMC announced the $100 billion in added investment in March but it was not immediately clear whether that was part of a renegotiation of its Chips Act award. TSMC declined to comment. Reuters reported in February that the White House was seeking to renegotiate the awards and had signaled delays to some upcoming semiconductor disbursements. Lutnick also said the administration agrees with the goal of having more than 50% of global AI computing capacity in America, responding to concerns that deals like the one announced by Trump last month to allow the United Arab Emirates to buy advanced American artificial intelligence chips could deprive the United States of key AI computing power.
CNBC
6 hours ago
- Business
- CNBC
Trump renegotiating Biden-era Chips Act grants, Lutnick says
President Donald Trump's administration is renegotiating some of former President Joe Biden's grants to semiconductor firms, U.S. Commerce Secretary Howard Lutnick said at a hearing on Wednesday, suggesting some awards may be axed. Some of the Biden-era grants "just seemed overly generous, and we've been able to renegotiate them," Lutnick told lawmakers on the Senate Appropriations Committee, adding the goal was to benefit American taxpayers. "All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place," Lutnick said, appearing to signal that not all the awards would survive renegotiation. Biden in 2022 signed the CHIPS and Science Act to plow $52.7 billion into boosting semiconductor chips manufacturing and research in the U.S. and luring chipmakers away from Asia. The program rolled out billions in grants for semiconductor heavyweights, including Taiwan's TSMC, South Korea's Samsung and SK Hynix, as well as U.S.-based Intel and Micron. The grants, while signed, had only just begun to be disbursed by the time Biden left office. The details of those plans are not public but the money is meant to be disbursed as companies make progress toward their pledged plant expansions. Lutnick pointed to TSMC as an example of successful renegotiation. He said the chipmaker -- which won a $6 billion Chips Act award -- had increased by $100 billion its initial pledge to invest $65 billion in U.S. manufacturing. "We were able to modify the award for the same $6 billion of (government) funding," he said. TSMC announced the $100 billion in added investment in March but it was not immediately clear whether that was part of a renegotiation of its Chips Act award. TSMC declined to comment. Reuters reported in February that the White House was seeking to renegotiate the awards and had signaled delays to some upcoming semiconductor disbursements. Lutnick also said the administration agrees with the goal of having more than 50% of global AI computing capacity in America, responding to concerns that deals like the one announced by Trump last month to allow the United Arab Emirates to buy advanced American artificial intelligence chips could deprive the United States of key AI computing power.
Yahoo
7 hours ago
- Health
- Yahoo
WH budget chief pressed on PEPFAR funds, says Africa ‘needs to absorb more of the burden'
Office and Management Budget Director Russell Vought on Wednesday was pressed on proposed cuts to the President's Emergency Plan for AIDS Relief (PEPFAR) pursued as part of a new rescissions request from the Trump administration. During a budget hearing Wednesday, Vought defended proposed reductions as targeting items like 'teaching young children how to make environmentally friendly reproductive health decisions' and efforts he claimed were aimed at strengthening 'the resilience of lesbian, gay, bisexual, transgender, intersex and queer global movements.' 'We can find waste, fraud and abuse there that the American people would not support, and it's one of the reasons why it's in the package, but it will not lead to life saving treatment being denied,' he said during the hearing. Congress, under the Biden administration, appropriated approximately $7 billion for PEPFAR in fiscal 2024. The program is considered to be one of America's most consequential programs in Africa and is credited with saving 25 million lives and scaling back the AIDS epidemic. During the hearing, Rep. Mark Alford (R-Mo.) in a follow-up question pressed Vought again about his comments and potential cuts to prevention efforts. 'Aside from the crazy woke programs, which I agree should be stripped,' Alford asked, 'is there any other prevention program, not treatment, but prevention program listed in this rescission package, which is not of a woke nature?' Vought said in response that the administration seeks to scale 'down the program as it pertains to the types of organizations that are providing the examples of the waste, fraud and abuse.' But he also said 'the prevention itself is where an analytical look needs to be done.' 'There's life saving treatment after you already have HIV, but there are prevention programs that PEPFAR does, which are not of the woke nature, which can prevent someone from getting HIV,' Alford countered. 'Are those programs going to survive?' 'It is something that our budget will be very trim on because we believe that many of these nonprofits are not geared toward the viewpoints of the administration, and we're $37 trillion in debt,' Vought responded. 'So, at some point, the continent of Africa needs to absorb more of the burden of providing this health care.' The moment comes as the prospect of PEPFAR cuts has prompted concern from some congressional Republicans as part of a larger request sent by the Trump administration to cut more than $9 billion in congressionally approved funds for foreign aid and public broadcasting programs. Senate Appropriations Committee Chair Susan Collins (R-Maine) has also voiced opposition to cutting PEPFAR, saying Wednesday that the idea makes 'no sense' to her 'whatsoever.' 'Given the extraordinary record of PEPFAR in saving lives, it has literally saved millions of lives, and so I do not see a basis for cutting it,' she said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
