With the Administration owning 10% of Intel (Phase 1), it's basically guaranteed that domestic companies who want to avoid tariffs and the Administration's ire will start sending business to IFS (Phase 2). Granted, it's unlikely going to be 18A, or even 14A anytime soon (but eventually)... but I think they'll test the waters with 14nm and 10nm... and packaging (heck, even Nvidia and Tesla signed on for packaging before this deal).
Phase 3 will be to arm twist TSMC into taking management of IFS, so it can be efficient and competitive. I am predicting that the Administration will entice TW by selling them more advanced we-pons, and make some more overt statements around TW's sovereignty.
Then finally, Phase 4, in five three to five years, IFS could be spun off as a working, profitable, stand alone company. Any sooner than that, they are just fooling themselves.