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. 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 binding contract - after a preliminary agreement announced in April - is the first major award to be completed under the $52.

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