President Donald Trump made no bones about his distaste for the U.S. Chips Act during his congressional address Tuesday night — raising questions in the semiconductor industry about the future of the program and the role some U.S. companies will play going forward.

President Donald Trump said on 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.

Trump has long expressed frustration with the high cost of the CHIPS Act, telling Congress on Tuesday that it's a "horrible, horrible thing" to "give hundreds of billions of dollars" in subsidies to companies that he claimed "take our money" and "don't spend it,