Trump’s Call for Chips Act Repeal Spurned by Key US Lawmakers

(Bloomberg) -- US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected President Donald Trump’s call to revoke the 2022 Chips Act, signaling that any repeal effort in Congress would fall short.

Senate Democratic Leader Chuck Schumer, who negotiated the law, predicted Wednesday that Trump’s demand would fail, while a top Republican proponent, Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running.