Econ Advsr-TSMC Signals Start Of Building Out Chips Supply Chain

Delivering comments ahead of President Joe Biden's trip to the Taiwan Semiconductor Manufacturing Co. plant under construction in Arizona later today, director of the White House National Economic Council Brian Deese states that "TSMC signals the start of building out chips supply chain."

• Deese: "This is actually about building an economic strategy that goes beyond semiconductors. This is a marked departure from the economic philosophy that has governed for much of the last 40 years in this country, which was a sort of trickle-down economic strategy.”
• Biden admin and Congressional Democrats have sought to boost US chip manufacturing both as a hedge against being reliant on Chinese supply chains and as an effort to develop more high-tech manufacturing jobs domestically.
• AP reports: "But there are signs that past moments of bipartisanship on economic matters may be harder to replicate after November’s midterm elections[...]. Biden still pitches the investments as a sign of what happens when lawmakers partner with each other, but Republican House Leader Kevin McCarthy, who could be the next speaker, attacked the government investments as a “blank check” and “corporate welfare.”