On Tuesday, TSMC announced it will more than treble its planned investment there to $40 billion, making it one of the largest foreign investments in American history. As a result, U.S. President Joe Biden will pay a visit to the Arizona factory.
The investment is a significant victory for Biden as early in his presidency, supply chain problems caused the US economy to suffer.
The White House announced that, in addition to Cook, TSMC founder Morris Chang, Micron Technology Inc. CEO Sanjay Mehrotra, NVIDIA Corp. founder and CEO Jensen Huang, and Apple Inc. Chief Executive Tim Cook will accompany Biden on his visit to Taiwan Semiconductor Manufacturing Co Ltd’s facility in Phoenix to support initiatives to increase U.S. technology manufacturing.
To avoid a return of supply chain issues, Biden signed the $52.7 billion Chips and Science Act into law in August.
According to Brian Deese, director of the White House National Economic Council, “the reason for the president’s trip is to recognize a critical milestone that TSMC is attaining in bringing the most cutting-edge semiconductor production back to the U.S.”
After Republican Donald Trump won the state in 2016, Biden’s victory in Arizona during the 2020 presidential election helped propel him to the White House.
In 2024, Biden plans to run for re-election for another four-year term.