"The CHIPS Act is a horrible, horrible thing," Trump said. "We give hundreds of billions of dollars, and it doesn't mean a thing. They take our money, and they don't spend it."
His remarks came just a day after Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment to expand semiconductor production in Arizona. The plan includes three new chip plants, two chip-packaging facilities, and a research and development center.
The CHIPS Act, passed under the Biden administration in 2022, allocated $52 billion in subsidies to bolster domestic semiconductor manufacturing. Among its beneficiaries were Samsung Electronics and SK hynix, with Samsung securing a contract for up to $4.75 billion in direct subsidies last December.
"You should get rid of the CHIPS Act, and whatever is left over, Mr. Speaker, you should use it to reduce debt," Trump said, reaffirming his intent to eliminate the legislation supporting chip manufacturers in the U.S.
The president also announced plans to establish a White House division focused on shipbuilding and introduce tax incentives aimed at revitalizing the American shipbuilding industry.
"We used to make so many ships. We don’t make them anymore, very much," he said.
While he did not specify the financial incentives the office would provide or its precise role, he added, "But we’re going to make them [ships] very fast, very soon. It will have a huge impact."
Trump also made contested claims about South Korean tariffs, stating, "South Korea's average tariff is four times higher. Think of that — four times higher — and we give so much help militarily and in so many other ways to South Korea. But that's what happens. This is happening by friend and foe."
However, recent data from South Korean trade authorities indicate that the country’s effective tariff rate on U.S. imports stood at approximately 0.79 percent last year. Industrial goods imported from the U.S. are subject to zero tariffs under the Korea-U.S. Free Trade Agreement.
Additionally, Trump announced that South Korea, Japan, and other nations would invest "trillions of dollars" in a liquefied natural gas pipeline project in Alaska. "It’s all set to go. The permitting has gotten," he said, though he did not elaborate.
While South Korea’s Minister of Trade, Industry, and Energy, Ahn Duk-geun, discussed the project with U.S. officials during his recent visit to Washington, no formal commitments have been made.
"We will actively engage in discussions with the United States moving forward, as it is a matter of mutual interest to both countries," a ministry official said.
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