Trump administration renegotiating 'overly generous' Biden Chips Act grants

[Zorro]

Source: Reuters via Yahoo Finance

President Donald Trump's administration is renegotiating some of former President Joe Biden's grants to semiconductor firms that were "overly generous," U.S. Commerce Secretary Howard Lutnick said at a hearing on Wednesday.

Biden's Chips Act aimed to coax chipmakers to expand production in the U.S., but some of the awards "just seemed overly generous, and we've been able to renegotiate them," Lutnick told lawmakers on the Senate Appropriations Committee. "Are we renegotiating? Absolutely, for the benefit of the American taxpayer," he added.

Lutnick also addressed concerns that deals like the one announced by Trump to allow the United Arab Emirates to buy advanced artificial intelligence chips from U.S. companies last month could lead to an exodus of AI compute from the U.S.

Lutnick said the administration agrees with the goal that more than 50% of global AI computing capacity should be in America.

Read more: https://finance.yahoo.com/news/trump-administration-renegotiating-overly-generous-154518297.html

---

Making America Great Again by redacting every Biden administration act...

[FSogol]

1. Lutnick and Trumpy didn't get a cut.

[rurallib]

5. I think you pinpointed the problem

WE WANT BRIBES! sayeth TACO Don

[highplainsdem]

2. Renegotiating "some" grants. Playing favorites. Maybe with bribes involved.

[aggiesal]

3. They are trying to take credit for everything that President Biden accomplished ...

Remember the Infrastructure Investment & Jobs Act passed & signed by
President Joe Biden in November 2021, less than 1 year in office.

Here's an example of the signs that Mierda47 is distributing.

[paulrevere2018]

4. Perhaps he should go back and renegotiate the FoxConn deal he signed.

Talk about a shitty deal for US Taxpayers.