The Messy Reality of ‘Made in America’

Summary

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The Messy Reality of ‘Made in America’

The Daily – The New York Times
Date: December 22, 2025
Host: Michael Barbaro
Guest: Peter Goodman

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Episode Overview

This episode investigates the complexities behind bringing high-tech manufacturing—specifically computer chip factories—back to the United States. Journalist Peter Goodman recounts his in-depth reporting on the construction of a massive semiconductor plant in Arizona, led by Taiwan Semiconductor Manufacturing Company (TSMC). While this effort symbolizes a “Made in America” revival, it reveals a host of regulatory, workforce, and cultural challenges, ultimately raising questions about whether such projects are replicable templates for American manufacturing revival—or cautionary tales.

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Key Discussion Points & Insights

1. Symbolism and Scale of the Arizona Factory

• [01:37] Peter Goodman describes his awe at the immense factory under construction near Phoenix, Arizona—over 1,000 acres, with as many as 15 cranes in sight, and billed as the largest active construction site in North America.
  • “I’ve seen a lot of factories in my day… This is on a scale that I've never even imagined.” —Peter Goodman ([02:11])
• The project is an emblem of both ambition and the logistical feat of reshoring such essential industries.

2. Why Chips—and Why Now?

• [04:20] The decision to build chip factories in the US stems from a new consensus that certain technologies (like advanced chips) are too strategically important to be made almost exclusively overseas—especially considering the risk of supply disruptions (exemplified by the COVID-19 pandemic and the possibility of a Taiwan-China conflict).
  • “It's not that globalization is bad, it's that globalization without insurance against the risks that are an inevitable part of life, that's not so good.” —Peter Goodman ([08:05])

3. Government Intervention and the CHIPS Act

• [08:22] The Biden administration’s CHIPS and Science Act throws tens of billions in subsidies at companies willing to build chip plants domestically. TSMC earned over $6 billion in grants for the Phoenix project.
• This marks a break from free-market orthodoxy—government now plays an assertive, strategic role in the industrial base.

4. Economic Boon—But at What Cost?

• [09:39] Thousands of construction and future factory jobs offer economic transformation for Phoenix and Arizona, diversifying from a real estate-dependent economy.

5. The Regulatory Quagmire

• [15:09] TSMC, used to Singapore- and Taiwan-style “one-stop shop” permitting, is confronted by America’s fragmented regulatory system: thousands of permits, convoluted codes, and permits administered by different government levels.
  • “They actually have to write 18,000 rules that they then have to comply with…” —Peter Goodman ([16:28])
  • This process cost TSMC $35 million solely for rule-writing.

6. Workforce & Cultural Clashes

• [18:02] A lack of skilled US chip-construction labor (the last such “fab” built domestically was over a decade ago) led TSMC to import specialized workers from Taiwan, sparking local union discontent and lawsuits over worker treatment and language barriers.
  • “From the Taiwanese perspective, they're dealing with workers who aren't fully in it for the team and aren't working as hard as the people they're bringing in from Taiwan.” —Peter Goodman ([21:38])

7. Local Land Use and Community Resistance

• [22:14] Tensions arose between factory planners and local homeowners—many retirees—unhappy about the disruption, increased traffic, and potential water issues in their peaceful community.
  • “These homeowners didn’t sign up for some national crusade to advance American manufacturing. Most… just want a peaceful place to live…” ([23:52])

8. The Broader Question: Triumph or Cautionary Tale?

• Everyone involved has legitimate claims—democratic local input vs. federal/strategic interests vs. economic opportunity. Goodman notes:
  • “Pretty much everybody at the table has a reasonable argument to make.” ([25:19])
• Is this project a replicable model for US industrial policy, or a warning of the pitfalls?
  • “I would say, kids, don't try this at home.” —Peter Goodman ([27:19])
  • “If it's this hard for the most successful maker of computer chips in the world… how hard will it be for anybody else?” —Michael Barbaro ([28:26])
  • The process is so arduous and costly that it’s unlikely to draw companies not heavily incentivized by direct government support.

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Notable Quotes

• “This is a real life manifestation of what this enormous economy… can produce. And yet… the whole complex had become symbolic not just of what we can achieve, but also the many ways in which American governance can get in the way of our visions.” —Peter Goodman ([12:22] and [13:15])
• “TSMC has to write 18,000 rules… Cost them $35 million just to write the rules.” —Peter Goodman ([16:28])
• “We simply don’t have the muscle memory to build one of these plants.” —Peter Goodman ([18:02])
• “This is not for the faint of heart.” —Peter Goodman ([28:31])
• “If the government writes you a check and gives you concierge service… then maybe everything comes together. But this is not the thing that will convince anyone that it's going to be really easy to build a factory in the United States.” —Peter Goodman ([29:36])

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Memorable Moments

• Peter Goodman’s jaw-dropping initial impressions of the factory’s scale.
• The vignette about a supplier needing 15 permits just to move a mound of dirt, exemplifying the byzantine nature of US regulatory requirements ([17:27]–[17:58]).
• The story of local retirees successfully blocking an ancillary plant, highlighting American grassroots participation—and potential obstacles to strategic projects ([22:36]–[24:42]).

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Key Timestamps

• [01:37] – Goodman’s on-the-ground factory description
• [04:20] – Rationale behind bringing chip manufacturing to the US
• [08:22] – The CHIPS Act and government intervention
• [15:09] – Permitting headaches and the 18,000 rules
• [18:02] – Workforce shortages and culture clashes
• [22:14] – Land use battles with local communities
• [27:19] – Is this experience a template or a warning?
• [29:36] – Final assessment of the project’s broader implications

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Tone and Style

The conversation is insightful, occasionally wry, and peppered with vivid observations and metaphors (“industrial magic trick,” “concierge service from the government”). Goodman’s reporting is detailed and sympathetic to all parties, while Barbaro’s questions channel a skeptical, explanatory tone for listeners.

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Conclusion

This episode gives a nuanced, behind-the-scenes portrait of America’s bid to reclaim its manufacturing prowess—revealing both the promise and the messiness of doing “Made in America” at scale. The story of TSMC’s Arizona plant is not just about silicon chips, but about American bureaucracy, cultural clashes, democracy, and the future of strategic industries. The episode concludes that while large-scale manufacturing is possible—given deep pockets and heavy government support—it remains a daunting proposition for all but the most formidable and subsidized players.

Transcript

[Podcast Announcer]

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[Michael Barbaro]

From the new York Times, I'm Michael Balbaro. This is the Daily. The construction of a massive factory in Arizona was supposed to embody the Trump administration's ability to to bring manufacturing back to the US Instead, as my colleague Peter Goodman found out, it's provided companies around the world with literally 18,000 reasons to think twice about building in America. It's Monday, december 22nd. Peter, good of you to come into the studio.

[Peter Goodman]

Delighted.

[Michael Barbaro]

I wonder, just to start this conversation, if you can describe this factory that you recently visited to us.

[Peter Goodman]

Yeah, sure. So it's about 9:20 in the morning on Friday and I'm just arriving. I mean, there's this giant, mostly empty desert valley in the extreme north of Phoenix, as far as the eye could see, really emptiness. I'm standing on a gravel road looking at cactuses and various desert scrub just flowing out to other horizons. That this is all gonna get filled up with housing and offices. So this factory, I've seen a lot of factories in my day.

[Michael Barbaro]

You sure have.

[Peter Goodman]

Is on a scale that I've never even imagined. We're talking about more than 1,000 acres. The complex itself, I'm looking at a long, low gray building with a bunch of smokestacks visible on top. You can see at least a dozen cranes. You can hear the roar of something. There's black smoke now coming out of the top of one of these buildings. And beyond you can see these cranes that are working and there are construction cranes in every direction. Now I lived in Shanghai, China, in the height of the construction boom there. So I was in Dubai when Dubai was under enormous construction. And then to the west of there, there's a ton of cranes, just counting row 1, 2, 3, 4, 5, 6, 7, 8. I mean, I'm running out. I've counted 15 of them and there's still more. And then there's more visible like way beyond to the west that could be. These are the only places where I've seen these numbers of cranes and numbers of construction people Wandering about and that feeling of like you're present there for a moment when things are really changing in a deep way in that place just beyond, I see heavy equipment on the move. I see diggers that are moving soil around. There's a whole wall of porta potties, as you would expect at a giant construction project. I mean, this is, people say, the biggest construction project in North America. And I gotta say, it doesn't disappoint. And looking at this factory under construction evokes that sense as well, of scale. Not just scale, but that this is important. Beyond the thing itself.

[Michael Barbaro]

What does it represent? This gargantuan, crane filled factoryville.

[Peter Goodman]

It represents a moment when a consensus broke out in the American political system, in the business world, that globalization, this system that we've been living under for most of our adult lives, has been very fruitful and beneficial in all sorts of ways. But there are some things where it matters, where we make them. And one of those things is computer chips. We need to have our own stock of computer chips. We need to make them at home in the event of war or disaster. And that's what they're making in these factories that I saw. Computer chips are the brains of just about everything. The iPhone in your hand, the data centers that are getting built all over the place to make artificial intelligence work. They're going into our cars, they're going into our appliances. I mean, it's pretty hard to think about any manufactured product now that doesn't have some kind of computer chip.

[Michael Barbaro]

So it would seem like a very, very big, big and overdue thing to have such a factory building those chips right here in America.

[Peter Goodman]

It's a big deal. I mean, it is the most palpable manifestation of this really. I think you can say national aspiration to build things in America again, but there are some complications. This company that's building these factories is not American. It's Taiwan Semiconductor Manufacturing Corp. Tsmc, as it's known. It, is a Taiwanese company. It is a very successful Taiwanese company. But it's also been an excruciating pain for TSMC to get this thing built with American subsidies, with. With a whole political process designed to bring this about. It's still been slow, expensive, and difficult. And so it really raises the question, is this a triumph? Is this the template for how we can do this going forward? Or is this the cautionary tale?

[Michael Barbaro]

So, Peter, tell us the story of this factory and all the ways in which it suggests a potential future or perhaps the impracticality of that future.

[Peter Goodman]

Look, you have to go back to the pandemic, which was the great reveal that it's not such a great idea to concentrate nearly all of the production of vital things in single countries. So, you know, waking up and discovering that you really can't make a ventilator in the middle of a pandemic unless you import stuff from China, where the.

[Michael Barbaro]

Pandemic was at its worst worst, where.

[Peter Goodman]

The pandemic began, a country that, not incidentally, we decided to have a trade war with. Not a great way to reliably get the stuff you need. And computer chips, the most advanced ones, are made overwhelmingly in Taiwan. Taiwan is, of course, a self governing island that is claimed as part of Chinese territory by the People's Republic of China and its government in Beijing. Which means that, you know, there is the not zero risk that on any given day the Chinese military could show up and take over, and that could be an enormous disruption to the computer chip supply. Right.

[Michael Barbaro]

And in a sense, the pandemic was a potential theoretical foretaste of what it would be like if all of a sudden China were to invade Taiwan. Because it showed us what it looks like when your global supply chains get cut off. Suddenly we have to grapple with the idea that maybe all those computer chips can't ever get out of Taiwan.

[Peter Goodman]

And we have to think about resilience. The way to think of it is we need some insurance. It's not that globalization is bad, it's that globalization without insurance against the risks that are an inevitable part of life, that's not so good.

[Michael Barbaro]

And what does that insurance actually look like?

[Peter Goodman]

It looks like the government saying we're gonna have to play a direct role in making sure that certain things are built in the United States. And that's gonna require subsidies. So along comes the Biden administration, and the Biden administration breaks from generations of free trade dogma, this idea that we just let the market sort out what gets built and where. And they say efficiency only takes us so far. The government's gonna have to play a role in making sure that certain things like computer chips are built in the United States. And this becomes the. The Chips and Science act, this landmark piece of legislation that's got tens of billions of dollars in subsidies given to companies that build computer chip factories in the United States. One of those companies, Taiwan Semiconductor, actually participates in the writing of this bill. And that company, TSMC, ends up with a $6 billion plus grant to then build this complex of factories in Phoenix. At the end of the day, when it's all built they'll be making roughly a third of all the advanced chips they make world right there in Phoenix, Arizona.

[Michael Barbaro]

That's a really, really big deal given just how much of that work was concentrated in Taiwan.

[Peter Goodman]

It's a very big deal. It's a very big deal for tsmc. It's a very big deal for the United States, and it's certainly a very big deal for the local economy in Phoenix, which is traditionally been very tied to the boom and bust cycle of real estate. And now we're talking about thousands of jobs in construction to build this, thousands more to, to eventually make the chips themselves. And then there's all sorts of associated services, lawyers, insurance companies, caterers, truck drivers, warehouses.

[Michael Barbaro]

Right. A state would in theory kill for this kind of economic activity.

[Peter Goodman]

Any state would kill for this kind of economic activity. That's right. So on the day of the groundbreaking, this is December 2022. You've got the Republican governor of the state of Arizona. You've got members of the Senate, you have union representatives, university presidents. Well, I tell you what, you're starting off in the right place. This is going to be an incredible asset to the state of Arizona. And finally, Joe Biden, the Democratic President, shows up leading the parade in celebration of this enormous triumph in economic development. Your city and governor, you and I are different sides, but we see and share the same vision. As Arizona is a hub, literally a hub for tech, for technical change that's going to take place. And that's. Well, the President is associating his administration with reclaiming the future. I know our host won't mind my pointing out that America invented the chips. He's delighted to be talking about what a huge deal this is for the rejuvenation of American manufacturing. And in something that's forward looking. This is building an American future in a technology that the US actually pioneered. And you're here because you're seeing what we're all seeing. American manufacturing is back, folks. American manufacturing is back.

[Michael Barbaro]

And I know, because you said so at the beginning of our conversation, Peter, that this story's about to take a complicated twist. But so far it really does feel worth saying that this is a fable of what's possible in an American system that's not known for getting big domestic manufacturing projects of any kind done.

[Peter Goodman]

Yeah, this is a real life manifestation of. Of what? This enormous economy full of talented, skilled.

[Michael Barbaro]

People and political system.

[Peter Goodman]

Political system that doesn't always help bring about the most fruitful outcomes. But we got a lot of money, we got a lot of know how and if we can get it all working right, this is what we can produce. And yet, by the time I got out to Phoenix about three years after the groundbreaking, it was still a marker of incredible triumph. But alongside the triumph was a sense that, wow, what a pain it's been to get this constructed, and that the whole complex had become symbolic not just of what we can achieve, but also the many ways in which American governance can get in the way of our visions.

[Michael Barbaro]

We'll be right back. This podcast is supported by AT&T. America's First Network is also its fastest and most Reliable based on RootMetrics United States Root Score Report 1H 2025 tested.

[Peter Goodman]

With best commercially available smartphones on three.

[Michael Barbaro]

National mobile networks across all available network types. Your experiences may vary. RootMetrics rankings are not an endorsement of ATT. When you compare, there's no comparison.

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[Michael Barbaro]

So, Peter, after all of this promise and achievement in the story, what starts to go wrong with the construction of this set of factories after the groundbreaking?

[Peter Goodman]

Well, from the beginning, it's clear that Taiwan Semiconductor, this very successful company that's managed to make and run huge factories in Taiwan, is dealing with a system that's very different than the one that it's accustomed to. And you know, at home in Taiwan, building factories in these dedicated science parks where there's one central authority, there's one permit, one inspection, and they're done.

[Michael Barbaro]

How nice.

[Peter Goodman]

How nice. And they're separated from, you know, Homeowners who may have different ideas about what they want to see, what they want to live next to. Well, in Phoenix, they're dealing with the county. They're dealing with the municipal government. There are state and federal environmental regulations, and so there are literally thousands of permits that they have to get. Thousands, Thousands. Where it would have been one in Taiwan. And this is all new to tsmc. And even if an American company were trying to do this, it would be new to them because we, it turns out, don't have regulations governing this particular industry at the county and the municipal level.

[Michael Barbaro]

There's no code on page 25 of the Local zoning manual that says when building a chip factory here in the desert, the. This is the lighting system.

[Peter Goodman]

Correct. So TSMC actually has to write 18,000 rules that they then have to comply with while they're trying to figure out, like, well, let's see, you've got this federally administered clean air program, but it's the county we actually have to deal with to get the permit. And they have to write the language. 18,000 rules. Cost them $35 million just to write the rules. Just to write the rules, it turns out.

[Michael Barbaro]

And just to be clear, when we say that this company is writing these rules, they're helping write rules that will then be drafted, adopted by local government.

[Peter Goodman]

Correct. But this is like the frontier, right? So they actually have to get down into the nitty gritty of educating the people who are supposed to be regulating them on what it is that they're doing and what could go wrong and how it needs to be done.

[Michael Barbaro]

What's the most intriguing rule you came across?

[Peter Goodman]

Huh? Well, at one point, there was a supplier company called Linde that makes air separation equipment. The inside of these computer chip factories has to have really pure air, and so they pipe in this clean air from a neighboring plant. And just to move a mound of dirt and then leave part of the mound in place required 15 different permits and, you know, more than 15 different inspections.

[Michael Barbaro]

Okay, so that is the first of what I imagine are many headaches.

[Peter Goodman]

Right. Then they quickly figure out that there aren't enough people with the right sorts of skills to build one of these plants. These plants have to be built to extraordinary specificity. I mean, it's, you know, it's kind of an industrial magic trick to make a computer chip. And it involves, you know, beaming light onto tiny pieces of silicon. It's sort of like a photographic negative. We're talking about fractions of a thousandth of a percent of the width of a human hair. Things have to be just so. And in Taiwan, there are thousands of people who've come through an apprentice system who've actually participated in building fabs. The last time we completed a large scale fab in the computer chip industry in the United States was 13 years ago. Wow. So we just simply don't have the muscle memory to build one of these plants. We can't do this without relying on places that have this expertise. And those are places in East Asia.

[Michael Barbaro]

So how does the company deal with that?

[Peter Goodman]

They start bringing in specialized workers from Taiwan, which immediately causes, you know, major animosity with local unions. And the local unions say, well, hold on a second. If the federal government's writing a check for six plus billion dollars, there should be American jobs. We should be getting the job. And T. TSMC says you will be getting thousands of jobs. But to get this thing off and running right now, we gotta go find some people who know how to install the specialized, highly advanced equipment that goes into these plants. So they bring in people to do that. So eventually the unions win. Some promises that TSMC will hire a certain number of workers and peace reigns with the unions. But meanwhile, there's a lawsuit filed by a bunch of American workers who accused TSMC of discriminating against American workers, treating them like they're lazy and incompetent. They accuse the Taiwanese managers of speaking in Chinese as a way of excluding the American workers from participating, which is.

[Michael Barbaro]

Probably not quite the case. They're probably speaking Chinese because they speak Chinese.

[Peter Goodman]

I mean, that's the language that they could speak most efficiently. So, I mean, this was certainly something that I heard from Taiwan, Taiwanese Americans who are living in Phoenix, that, you know, it's hardly an act of discrimination that, you know, someone who's under the gun to deliver on a complicated project that costs billions of dollars with the mothership breathing down their neck to deliver, they're gonna wanna speak to people in their native language.

[Michael Barbaro]

So on top of all the tensions about rules, there are these cultural tensions being revealed between an international company trying to do this hard thing and a group of local American workers who are chafing at all that represents.

[Peter Goodman]

TSMC is a highly successful company in its own system, but now it's navigating a different system and there's a different set of expectations for workers. I mean, in Taiwan, TSMC operates in a kind of paternalistic fashion where we'll take care of you, you, you'll be very well paid, we'll get involved in your housing if need be, but when we need you, in the middle of the night, when something goes wrong at that factory, we really don't care what you're up to, you gotta be over there pronto. And that's understood. People work very long hours. Construction crews work what we would call overtime without logging as such. The American worker is operating in a system where we don't have the same sort of faith in our employers. We don't have the same sense of social obligation. And so the American worker comes at this from a much more contractual, hey, you know, I'm supposed to be off at five kind of standpoint, don't call me and you call me on the weekend, I'm home with my kids, maybe I can't make it. And so this creates all sorts of misunderstandings, bad feeling from the American standpoint, they're dealing with this domineering, you know, control oriented company. From the Taiwanese perspective, they're dealing with workers who aren't fully in it for the team and aren't working as hard as the people they're bringing in from Taiwan.

[Michael Barbaro]

And of course, we haven't even gotten to the idea that there are neighbors to this vast complex who, no doubt, because this is the United States, have some questions and concerns.

[Peter Goodman]

Right. So I spent time looking at a plant that's being built by one of TSMC's suppliers. It's a company called Amcor.

[Michael Barbaro]

They do what's called an ancillary building nearby.

[Peter Goodman]

It's a so called packaging plant. They take the chips that are made and they configure them to fit into your iPhone or your car or whatever. Well, they end up in this, right in the middle of a planned mixed use community that's supposed to mean, you know, retail, maybe some offices, walkable homes, there are golf courses around. And neighbors learn that there's this factory planned, uh, it's going to interfere with their views, their peace and quiet. They're worried about water, they're worried about tractor trailers coming through the area and the local city. They offer these assurances that the factory's only going to be so high, it's not going to be that big. And then meanwhile, because of the stunning demand for AI chips, suddenly it's going to be twice as high, it's going to be four times the footprint. And eventually these homeowners mass together and they successfully kill this plant. Or at least they force Amkor to go move to a different site. And I think this is a moment worth unpacking that. On the one hand, if we're really serious about having computer chips made in The United States, we need a plant like Amcor's. On the other hand, these homeowners didn't sign up for some sort of national crusade to advance American manufacturing. Most of these people are retirees. They just want a peaceful place to live and enjoy watching the sunset and play golf, Right? So it's worth coming back to this point that in Taiwan, these two groups would be separated by vast distances. It's uniquely in the American system. And some people would call these guys NIMBYs, others would say it's absurd that government didn't plan this better so that there is no collision of interest. A bunch of retirees who want to look at cactuses should be able to do that. At the same time that we're figuring out where else in this giant state of Arizona could there be a piece of land big enough to have this factory?

[Michael Barbaro]

In the course of reporting on all of these disputes and tensions, I'm curious where you found your sympathies lying. Is it with a company that says, look, we're just trying to fulfill America's pledge to have insurance against the worst case scenarios? We're just trying to build a factory in the US that makes sure you have access to chips, we have access to our clients. Did you find yourself instead more drawn to these American folks who said, wait a minute, these should be American jobs, or we did not sign up for this building in our community?

[Peter Goodman]

Well, I think part of the complexity of this is that pretty much everybody at the table has a reasonable argument to make. We live in a democracy. People who buy homes in a planned community expecting that maybe a Starbucks will pop up and not a factory should have a say over what gets built in their midst. And in a place where it's a desert, it's literally a desert, and you're worried about shortages of water. And there's already great battles over who gets access to the Colorado river and the depletion of the watershed in areas. There should be a process to figure out what are the impacts. And a lot of these permits are permits under programs that represent triumphs of American democracy. We have advanced workplace safety, we have advanced environmental protection. It's just that this bureaucracy has now grown up around some of these laws without us sorting out these knotted land use questions. And I think one can be sympathetic to the argument that we have to think seriously about our national security, our industrial future, and that's gonna require a government role. But that's gotta be done in a thoughtful, deliberative way. And we got a lot of catch up to do in that area.

[Michael Barbaro]

So I think, Peter, this brings us to the most important and most existential question of all to emerge from this reporting you did, which is, did all of the rigmarole involved in getting this project complete, did it make this a template for the reestablishment of manufacturing in the United States at a massive scale? Or does it loom as the cautionary tale for why it's just too hard to do this in the US that would send similar companies, and perhaps those not getting a multi billion dollar check from the US Government running in the other direction?

[Peter Goodman]

Yeah, it's a great question. I would say, kids, don't try this at home. I mean, in all seriousness, we are tempted to look at this and say, of course, at the beginning, it's gonna be messy, it's gonna be tricky, we'll get better at this.

[Michael Barbaro]

This is the messy beginning.

[Peter Goodman]

Yeah, it's the messy beginning. And we'll look back in 25 years and say, yeah, that was tough, but boy, we really got through that and we really got something and it was totally worth it. But let's remember Taiwan Semiconductor is now promising to invest $165 billion. There aren't a lot of companies that can throw around that sort of money. This successful company, it is by any measure the global industry leader. And they had a tough time of it. They've said that they've learned a lot and they're in a position to go faster now. And there's reason to think that that's so. But this is certainly not something where just any other company in any other place could come along and summon out of nowhere.

[Michael Barbaro]

Right. And if it's this hard for the most successful maker of computer chips in the world.

[Peter Goodman]

Right.

[Michael Barbaro]

How hard will it be for anybody else?

[Peter Goodman]

Correct. And that message is out there that the US Is a tough place to do business. It's a tough place to get permits. It's a tough place to find people. You need to do the stuff that needs to be done and you're gonna have to pay them a lot to do it. This is not for the faint of heart. So if we're trying to figure out whether this project is going to send the signal to investors and other companies around the globe that, hey, the US Is open for business. Come build a factory. It's going to be awesome. This is not that story. This is a story that says it's possible. And if the government writes you a check and gives you concierge service, which is what TSMC has gotten, then maybe everything comes together. And makes it possible. But this is not the thing that will convince anyone that it's going to be really easy to build a factory in the United States. If you're in an industry where you're not being forced essentially to build a plant in the United States, there's a good chance you'd look at this experience and say, maybe we'll find somewhere else to put our next factory.

[Michael Barbaro]

Peter, thank you very much. We appreciate it.

[Peter Goodman]

Thank you, Michael.

[Michael Barbaro]

We'll be right back. The New York Times app has all this stuff that you may not have seen.

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Top is really easily accessible. So if I'm on my way home and I'm just thinking, oh, what am I gonna make for dinner? I'll just quickly go on to cooking and say, oh, I've got this in my pantry.

[Peter Goodman]

I'm gonna try out some of these recipes I see in here.

[Podcast Announcer]

I go to games, always doing the.

[Peter Goodman]

Mini, doing the wordle.

[Podcast Announcer]

I loved how much content it exposed me to things that I never would have thought to turn to a news app for.

[Peter Goodman]

This app is essential.

[Podcast Announcer]

The New York Times app, all of the times, all in one place. Download it [e-mail].

[Michael Barbaro]

Here's what else you need to know today. On Sunday, the Trump administration defended its decision to remove more than a dozen photos related to Jeffrey Epstein from a government website just hours after thousands of files had been released to the public. On Friday evening, the official Deputy Attorney General Todd Blanche said that the photos, including one featuring President Trump, had been removed to address complaints from Epstein's victims, not to protect President Trump. We are not redacting information around President.

[Peter Goodman]

Trump, around any other individual involved with Mr. Epstein.

[Michael Barbaro]

And that narrative, which is not based on fact at all, is completely false. And over the weekend, the United States Coast Guard stopped and boarded a tanker carrying Venezuelan oil, its second such interception in the past month. The Coast Guard is currently pursuing yet another tanker linked to Venezuela, whose crew had refused to let American guardsmen board the vessel. It's all part of a growing pressure campaign against the Venezuelan Salem leader, Nicolas Maduro, that has increasingly been focused on Oil. Today's episode was produced by Shannon Lynn and Mary Wilson, with help from Astha Chaturvedi. It was edited by Mark George with help from Devin Taylor. Contains music by alyssa Moxley, Elisheba Itu, Pat McCusker and Dan Powell, and was engineered by Alyssa Moxley. That's it for the Daily I'm Michael Balbaro. See you tomorrow.

[Podcast Announcer]

This podcast is supported by On Investing, an original podcast from Charles Schwab. Each week, hosts Liz Ann Saunders, Schwab's chief investment strategist, and Cathy Jones, Schwab's chief fixed income strategist, along with their guests, analyze economic developments and bring context to conversations around stocks, fixed income, the economy and more. Download the latest episode and [e-mail] oninvesting or wherever you get your podcasts.