The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona.

The White House is racing to finish grant agreements for chip manufacturers, but some of its biggest successes might be credited to the Trump administration.

The U.S. Department of Commerce finalized its CHIPS and Science Act agreement with Taiwan Semiconductor Manufacturing Co. on Friday, essentially guaranteeing the company will receive $6.6 billion to construct its $65 billion north Phoenix facility.

As part of the deal, TSMC agreed to invest about $65 billion to expand operations in Phoenix, in order to build its most advanced chips. It also agreed to limit stock buybacks for

The US Department of Commerce finalizes $6.6 billion in grants for TSMC. The semiconductor manufacturer has been awarded the grant under the CHIPS Act funding. The US Department o