New Delhi, March 5 -- President Donald Trump plans to abolish the CHIPS Act, which provides $52.7 billion in semiconductor chip manufacturing and production subsidies and uses the proceeds to pay debt.

"Your CHIPS Act is a horrible, horrible thing. We give hundreds of billions of dollars and it doesn't mean a thing. They take our money and they don't spend it," Trump told Congress. "You should get rid of the CHIPS Act and whatever is left over, Mr. Speaker, you should use it to reduce debt," he added.

The Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act is a US federal law signed by former US President Joe Biden in August 2022 to boost the domestic semiconductor industry. The Act provided subsidies of $39 bi...