Today: Sunday, 19 May 2024 year

Biden signs chip investment bill to compete with China

Biden signs chip investment bill to compete with China

$52.7 billion subsidy law for U.S. chipmakers seeks to “strengthen U.S. manufacturing, supply chains and national security,” the White House said.

US President Joe Biden signed a bill to provide $52.7 billion in subsidies for semiconductor manufacturing and research. The law should make the US more competitive with China in this area, the White House press office said.

“The future will be created in America,” Biden said at the signing of the bill, calling the measure “a once-in-a-generation investment made in America itself.”

The signing was attended by executives from Micron, Intel, Lockheed Martin, HP and Advanced Micro Devices.

According to the White House, the new law is aimed at “strengthening American manufacturing, supply chains and national security, and will promote investment in research and development, science and technology.”

America invented the semiconductor, but today produces about 10% of the world’s supply and none of the most advanced chips. Instead, we rely on East Asia, which accounts for 75% of global production. The Chips and Science Act will open up additional hundreds of billions of dollars to private investment in semiconductors across the country, including manufacturing needed for national defense and critical sectors.