WASHINGTON, March 4 (Reuters) - President Donald Trump

said Tuesday U.S. lawmakers should get rid of a landmark 2022

bipartisan law to give $52.7 billion in subsidies for

semiconductor chips manufacturing and production and use the

proceeds to pay debt.

"The CHIPS act is a horrible, horrible thing. We give

hundreds of billions of dollars and it doesn't mean a thing.

They take our money and they don't spend it," Trump said in a

speech to Congress. "You should get rid of the CHIPS Act and

whatever is left over, Mr. Speaker, you should use it to reduce

debt."