Today, the Biden-Harris Administration announced that the U.S. Department of Commerce awarded TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), up to $6.6 billion in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities. The award comes after the previously signed preliminary memorandum of terms, announced on April 8, 2024, and the completion of the Department’s due diligence. The award will support the company’s planned investment of more than $65 billion in three greenfield leading-edge fabs in Phoenix, Arizona. The Department will disburse the funds based on TSMC Arizona’s completion of project milestones.
So, what a lot of people get wrong about tariffs is that, if they’re used properly, they “incentivize” an increase of American businesses and jobs. By making it uncomfortably expensive for importers, businesses sprout and flourish locally to offset the costs. Alternatively, the government can literally hand out incentives.
If we could remove the bullshit-politics of it, we’d be having more productive conversations about whether the consumer should be paying for goods and services they directly or tangentially use (tariffs) or if the nation as a whole benefits by using tax payer dollars (congressionally approved federal spending) to lower costs.
This here is one of the distinct differences between Democrats and Republicans. The Republicans want to eliminate federal sending on practically everything not in the constitution and leave the rest up to the States and Wall Street investors. A lot of the conservatives I know resent having to pay for things they don’t use. Democrats believe a rising tide lifts all ships and there are certain services that benefit the entire population of a nation when funds are pooled; even from people who don’t directly use a service. These are fundamental differences that are worthy of debate.
The media today drives me mad. They’re lazy and feeding off each other. One outlet runs a headline and that’s the lede for all. Sure, Trump is an idiot and it’s entirely plausible that has no idea how tariffs work. The fact that he’s saying 50% or more in some cases is evidence of that. Or, what I have not seen discussed at all is how tariffs have been used and the repercussions/benefits of them. We’re all so fucked because no one wants to seem like they’re defending the guy. Giving him an inch gives him legitimacy. In the meantime, people are being misinformed and not learned about the larger picture - by the media.
Anyway, I hope people realize how incredible Biden has been as a president. We’re so obsessed with bullshit-politics that the man’s actual accomplishments go unnoticed without any appreciation. Maybe he’s just old or maybe he’s actually humble enough to not make a big deal about his administrative accomplishments. I forget how Presidents and normal news coverage used to be to make a comparison. One thing is for sure, anything positive of the Trump administration will be thanks to the Biden administration.