U.S. President Donald Trump is slated to host executives from several large tech companies on Monday, including IBM (NYSE:IBM), Intel (NASDAQ:INTC), HP (NYSE:HPQ) and Qualcomm (NASDAQ:QCOM), according to a report by Bloomberg.
The meeting follows concerns over tariffs and technology export regulations that could affect many U.S. companies, particularly in the tech sector, where many depend on global supply chains.
“Some of the topics top of mind for our leadership team are trade policy and US manufacturing,” said an HP spokesperson, according to the report.
Earlier this week, Trump met with executives from Taiwan Semiconductor Manufacturing (TSM), which announced a $100B investment in the U.S. over the next four years.
Also, this week, Trump called to repeal the 2022 bipartisan law, the CHIPS and Science Act, that provided subsidies of $52.7 billion for semiconductor companies. He said the proceeds should instead be used to reduce debt.
“The CHIPS Act is a horrible, horrible thing,” Trump said in a speech to Congress. “We give hundreds of billions of dollars and it doesn’t mean a thing. They take our money and they don’t spend it. You should get rid of the CHIPS Act and whatever is left over, Mr. Speaker, you should use it to reduce debt.”
The CHIPS Act was designed to boost U.S. semiconductor manufacturing and reduce reliance on foreign suppliers. Companies that have received CHIPS funding include ~$7.9 billion for Intel, ~$4.8 billion for Samsung Electronics (OTCPK:SSNLF), ~$6.6B for Taiwan Semiconductor Manufacturing, and ~$6.1B for Micron Technology (MU).
MSN/ Yahoo