WATCH LIVE: Biden addresses the economy during the campaign rally at Union Station in Washington, DC

President Joe Biden will deliver remarks on the economy during a campaign rally at Union Station in Washington, DC on Tuesday.

The event is scheduled to begin at 12:35 p.m. ET. Watch it in the player above.

On Monday, the Biden administration pledged to provide up to $6.6 billion to help a Taiwanese semiconductor giant expand facilities it is already building in Arizona and better ensure the most advanced microchips are made domestically for the first time.

The funding is tied to a sweeping 2022 law hailed by President Joe Biden that aims to revitalize U.S. semiconductor production. The $280 billion package, known as the CHIPS and Science Act, aims to strengthen the U.S. lead in military technology and manufacturing while minimizing the kind of supply disruptions that occurred in 2021 after the coronavirus pandemic began , as the chip shortage stalled factory assembly lines and fueled inflation.

The Biden administration has pledged tens of billions of dollars to help build U.S. chip foundries and reduce reliance on Asian suppliers, which Washington sees as a security weakness.