(NewsNation) — President Donald Trump’s announcement Monday that a Taiwanese company is investing $100 billion in chip manufacturing is “great news,” but it also serves as a “distraction from all the craziness going on” in the White House, Bill Walsh, CEO and founder of Powerteam International, said Monday.
The $100 billion promised is on top of a previous $65 billion investment from the company under the Biden administration.
This craziness, Walsh said on “NewsNation Now,” includes what’s happening with tariffs and the war in Ukraine.
“(It’s like) you see what’s happening here? But wait a second, look over here,” Walsh said.
Tariffs, in particular, Walsh said, are going to be an “expensive game to play.”
Taking questions from reporters Monday, Trump said there was no way for Mexico and Canada to prevent upcoming 25% tariffs from starting Tuesday.
Many economists say the steep tariffs on trading partners will increase inflation and raise the price of goods for consumers already feeling stretched economically.
“The expense it’s going to have in the auto market, for sure, is going to be a killer for the U.S.,” Walsh said.
At the same time, “if the threat works to bring real manufacturing jobs back here, and they can actually make them on par, I’d love to see the manufacturing back here versus over somewhere else,” Walsh added.
Reporting by Steph Whiteside contributed to this report.
