Last week, President Donald Trump called for Intel CEO Lip Bu Tan to be fired because he has connections to several companies in China. This puts Intel in a precarious position to accept the 100% tariff exemption on chips and semiconductors that Trump also announced last week.
Tan met with Trump at the White House yesterday and as a result the American President seemed to have softened his personal stance. In a post on Truth Social, Trump said the meeting was very interesting as Tan shared his amazing story of his rise.
As a result, Tan and members of Trump’s cabinet, including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, will spend more time together before bringing some proposals to Trump. In a statement released by Intel, the company said discussions were held on Intel’s commitment to strengthening US technology and manufacturing leadership. Intel also appreciated Trump’s leadership in advancing critical priorities and looks forward to working with him and his administration to restore the company’s greatness.
Intel has already built several foundries in the United States under President Biden’s CHIPS Act. Intel is theoretically eligible to receive Tariff exemptions like TSMC, Samsung and SK Hynix.