Our history of manufacturing is marked by waves of innovation, decline, and revival. It’s shaped our national prosperity and identity. President Trump’s second term comes with a promise for America to reclaim its dominance in manufacturing and critical technology. The White House now lists more than $8.8 trillion dollars in total U.S. and Foreign Investments. What’s the impact on our national security and our own communities? Today’s cover story is Good for Business.

The following is a transcript of a report from “Full Measure with Sharyl Attkisson.”
Watch the video by clicking the link at the end of the page.

In the sun-scorched desert just outside Phoenix, a manufacturing and technological revolution is unfolding. A giant, foreign company is expanding its U.S. footprint with a staggering investment announced weeks into President Trump’s second term.

Sharyl (on camera): Taiwan Semiconductor Manufacturing Company, TSMC, is pouring $165 billion into this site in Arizona, building six state-of-the-art chip factories to power everything from AI to iPhones.

This delicate electronic wafer, etched with hundreds of microchips, is the prize of this manufacturing surge crafted right here for tech titans like Qualcomm and Apple.

TSMC Arizona video: Almost every other industry in the electronic space depends on semiconductors for what they do. We even have products that have gone to outer space are right now filming Mars.

Greg Jackson is an executive at Taiwan’s TSMC in Arizona.

Greg Jackson: I think it really changes the landscape. I mean, if you look over the years we’ve dropped to somewhere around 10% or less chips made in the United States. Now we’re bringing that back into the United States and bringing it back in the most advanced technology into the United States.

Sharyl: How does this factor into President Trump’s idea for resurgence of U.S. manufacturing?

Jackson: This is a great example of resurgence of manufacturing. We’re bringing in a large amount of jobs and large amount of very technically skilled jobs. So this is a prime example of bringing back a manufacturing into the United States. It’s not just creating the semiconductors, it’s all of the ecosystem that goes around making semiconductors. It’s everything that ties into it as well.

President Donal Trump (March 3): The most powerful AI chips in the world will be made right here in America.

President Trump has made a manufacturing surge a pillar of his second term, in part to reduce America’s risky dependence on China and other foreign powers.

Sharyl: How has it been a precarious thing for us to rely so much on foreign-produced chips?

Jackson: So I think if you look back to the Covid time, there was a lot of risk that came in from the supply chain by having things spread out all over the world. You know, the port shut down, the airport shut down, people were unavailable to come to work. Having semiconductors back in the U.S. on shore reduces that risk and allows us to really fend for ourselves and be in charge of our own destiny.

America’s first big manufacturing boom began in the 1800s with the Industrial Revolution. After the Civil War, industries like steel and railroads exploded. By 1900, the U.S. produced 30% of manufactured goods on the planet. Ford’s assembly line and other advances led to a peak in the 1950s.

But in the 70s and 80s—a downturn, triggered by globalization and automation. By 2000, we’d lost 5 million jobs, largely in steel, textiles, and electronics. Another dip followed the 2008 recession— 2 million more jobs gone.

Now, Trump’s strategy leans on incentives and steep tariffs—potentially 25% or more on imported chips. The policies are confusing to some and draw sharp criticism.

MSNBC Anchor (April 19): Alright let’s be clear about something that’s probably already clear to you: Donald Trump’s so called economic plan is not a plan. It’s not even a concept of a plan.

But Trump and his allies say these policies are spurring many companies to build or expand on U.S. soil.

TSMC is among the biggest— but dozens of manufacturing ventures have been announced so far in Trump’s second term with trillions in promised spending including: pharmaceutical, computer, energy, AI and critical minerals companies.

A project by Canada-based Cyclic Materials centers on this empty new warehouse in Mesa, Arizona. It will soon be buzzing with machinery which will recycle and pulverize 8 tons of metal per hour, recovering rare earth minerals, vital for electronics.

Marie Vaillaud: So we can take the whole value out of it and reintegrate it into the global supply chain.

Marie Vaillaud is with Cyclic Materials.

Sharyl: Can you explain how important it is here in the United States for this country to be having more sources, domestic sources, for rare earth minerals rather than relying on China and other places?

Vaillaud: So today, the market, when it, when it comes to rare earth is overly dominated by China, it’s over 90% of the global supply. This supply is obviously at risk with ongoing tensions. So what Cyclic Materials does is we recycle the end of life materials to recover these very rare earth and reintegrate it into the supply, which is a critical need for any industry in the U.S.

Mark Freeman is mayor of Mesa where the Cyclic Materials factory is being built. He says his city is perfectly situated for a boom that drive jobs and other economic growth.

Mark Freeman: We have a great manufacturing community here already. The president continues to support and bringing manufacturing back to United States. I know when I was younger, I mean, everything was built in the United States and it’s gone offshore or elsewhere. Butwhen we look at it overall, it’s just a great thing for the United States. So I welcome it.

Beyond national security, the economic ripples are immense. TSMC’s Phoenix expansion could generate 40,000 construction jobs and tens of thousands of tech positions.

Jennifer De La Cruz is training to be an equipment technician here.

Jennifer De La Cruz: I feel like it’s a totally different path to what I was doing before. Before I was doing fast food. I did CNA, Amazon. I’ve been at Amazon for four years, so I feel like this is like a whole 180 from all of that. But I find it more interesting.

Sharyl: Does this feel like more of a career choice versus just a job?

De La Cruz: Yes. Not only is it like a feeling like there’s a lot of people here, there’s a lot of chance to grow. Unlike my other jobs, it was just kind of stationary one place. No, no chance to like progress anywhere.

Sharyl: Does it make a difference as to the stated policy of who’s in charge and what their vision is?

Jackson: I think the policies that have put in place are really helping to drive the, the construction and manufacturing here and also removing some of the roadblocks that might exist as well related to policies or things like that.

As factories rise and workers train, there are high hopes that a comeback is taking root. If Trump’s vision delivers, the results could write the next chapter in America’s manufacturing story.

Sharyl (on camera): For more on this story, look up my podcast Full Measure After Hours.

Watch video here.