By Amy Edelen – Phoenix Business Journal
Story Highlights
- White House renegotiates CHIPS Act funding for better terms
- Commerce Secretary Lutnick seeks 4% or less funding commitments
- TSMC has invested additional $100 billion in Phoenix fab expansion
The White House is renegotiating some CHIPS Act funding agreements with semiconductor firms to secure better deal terms and additional domestic investments, U.S. Secretary of Commerce Howard Lutnick said.
During testimony on Wednesday before the U.S. Senate Committee on Appropriations, Lutnick said there are numerous CHIPS Act award contracts “that can be made better” and called for funding commitments of 4% or less of a project’s total value.
“A 10% funding just seemed overly generous, and we’ve been able to renegotiate them,” Lutnick said. “So if the question is, ‘Are we renegotiating?’ Absolutely, for the benefit of the American taxpayer, for sure.”
