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 White House on Friday announced it had finalized an agreement with a major semiconductor manufacturer to invest billions of dollars in facilities in Arizona as President Biden looks to cement parts of his legislative legacy before leaving office in January.