My hunch is something like NAFTA -> USMCA would happen with CHIPS. Repeal and replace with basically the same to make it look like a GOP win.
> We put up billions of dollars for rich companies to come in and borrow the money and build chip companies here, and they’re not going to give us the good companies anyway.
and
> When I see us paying a lot of money to have people build chips, that’s not the way. You didn’t have to put up 10 cents, you could have done it with a series of tariffs. In other words, you tariff it so high that they will come and build their chip companies for nothing.
That really doesn't sound like it is something he'd just do some minor tweaks to and change the name like he did with NAFTA.
If he does go through with the large tariff approach, something to keep in mind is that usually when you impose tariffs on imports there are retaliatory tariffs imposed on your exports. The US chip making industry makes 82% of its sales from exports.
Sen. Bill Hagerty is in the running for Commerce Secretary (Commerce is the department that runs the CHIPS Act), and he crossed the aisle on a number of semiconductor related legislation.