Ross D. Franklin/AP
- Taiwan Semiconductor is set to receive almost $12 billion in grants and loans from the US government.
- The microchip maker plans to build a third factory in Phoenix, Arizona this decade.
- The Biden administration is eager to onshore production and rely less on China as tensions mount.
The White House is giving the world's largest chipmaker government grants and loans worth almost $12 billion to expand production in Arizona.
The agreement with Taiwan Semiconductor Manufacturing Co. (TSMC) announced an initial deal in a press release on Monday.