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The measure to clamp down on investments in certain industries deemed to pose security risks, set to be issued Wednesday, appears likely to open a new front in the U.S.-China economic conflict.
The new limits, aimed at preventing American help to Beijing as it modernizes its military, escalate a conflict between the world’s two largest economies.
TSMC, the world’s largest maker of semiconductors, said it would invest $3.8 billion in a joint project with three European industrial firms.
The Senate majority leader helped deliver billions of dollars in federal funding for semiconductors. Now he’s pushing for his state to reap benefits.
The state has little experience with semiconductors, but the Biden administration has promised to unleash opportunity in “the heartland of America” through the $52 billion CHIPS Act.