United States President Donald Trump on Monday referred to the Chips and Science Act enabled by his predecessor Joe Biden as a "disaster," while also noting that companies are moving back to the US because of his administration's policies.
The president said investment numbers surpassed expectations, adding that the current administration "probably identified maybe $4 trillion worth of companies moving back or going to move back," adding the investments will bring many "high-paying jobs."
Biden's Chips Act was signed into law in 2022 and introduced major government subsidies in the domestic chip manufacturing sector.
