Semiconductor chip manufacturer GlobalFoundries is planning to grow its European footprint by expanding its existing manufacturing site in Dresden, Germany.
President Trump and TSMC Chairman C.C. Wei announced the company's $100-billion investment in U.S. chip manufacturing facilities in Arizona, a total of five new plants.
The funding agreement with the U.S. Commerce Dept. was contingent on the company's recently announced pledge to invest $50 billion in the plants over the next five years.