Treasury Secretary Scott Bessent says Trump admin ‘laser-focused’ on Arizona semiconductors

Treasury Secretary Scott Bessent came to Arizona on Wednesday to spotlight President Donald Trump’s economic agenda with a tour of the Frito-Lay manufacturing plant in Casa Grande.

In an interview aired Thursday on KTAR News 92.3 FM’s The Mike Broomhead Show, Bessent said the plant was selected because it reflects how the administration’s policies are shaping the manufacturing sector.

But he said the White House also has its eye on another major Arizona industry: semiconductors.

“Those are going to be high-paying, skilled jobs, from maintaining the — they’re called fabs, the factories — maintaining the fabs all the way to the precision jobs, and that is going to be very powerful for this state,” Bessent said.

He was joined by House Speaker Mike Johnson and U.S. Rep. Juan Ciscomani, who represents Arizona’s 6th Congressional District, for the Wednesday tour. The high-profile visit to Arizona, a key battleground state, comes ahead of the midterm election on Nov. 3.

“There’s growth we’re seeing in Arizona. I can tell you that this administration is laser-focused on bringing the semiconductor industry to Arizona,” Bessent said.

Arizona has long been a key player in the U.S. semiconductor industry

The semiconductor industry has deep roots in Arizona, dating back to Motorola’s arrival in Phoenix in 1949, which helped establish the state’s electronics and semiconductor sector. Intel further expanded Arizona’s role in chip manufacturing when it opened its first Arizona fabrication plant in Chandler in 1979.

Arizona saw a major surge in semiconductor investment during the Biden administration, fueled in part by federal support from the $52.7 billion CHIPS and Science Act, which President Joe Biden signed into law in August 2022.

The law was designed to boost domestic semiconductor research and manufacturing.

Arizona has been one of its biggest beneficiaries, largely because of Taiwan Semiconductor Manufacturing Co.’s expanding chipmaking campus in north Phoenix.

TSMC initially committed $40 billion to build two fabrication plants in Phoenix. The company was later awarded up to $6.6 billion in CHIPS Act grants, and it has continued to expand its roots in Arizona over the years.

Last month, TSMC announced another $100 billion commitment, bringing its total planned U.S. investment to a historic $265 billion.

Related

Phoenix mayor says TSMC's $265 billion investment is historic on multiple levelsFrom salads to coffee? Dutch Bros could take over closed Salad and Go spotsAPS breaks peak energy demand record again as air conditioners blast across ValleyHere are some ways to fill the hole left in your heart – and stomach – by Salad and Go’s demiseUFC, WWE and PBR announce 7 events coming to Phoenix area as part of landmark dealWork progresses on industrial development near Buc-ee’s in Goodyear