Biden to sign USD 280 billion law to incentivise US chips production to reduce Chinese market share
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Washington: US President Joe Biden is preparing to sign a USD 280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration's push to boost US competitiveness over China. .
The law is named Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, and will be signed at a Rose Garden ceremony at the White House on Tuesday, as per an Associated Press report.
The ceremony will include lawmakers, union officials, local politicians and business leaders, the White House said, as the president looks to highlight a new law that will incentivise investments in the American semiconductor industry in an effort to ease US reliance on overseas supply chains for critical, cutting-edge goods.
Despite being the world's largest economy, the US is dependent on China for several goods and most strikingly computer-related components such as memory chips and high-technology materials. .
"We are going to invest it in America," Biden said on Friday. "We're going to make it in America. We're going to win the economic competition of the 21st century in America."
The White House said Micron is announcing a USD 40 billion plan to boost domestic manufacturing of memory chips, and Qualcomm and GlobalFoundries are announcing a USD 4.2 billion expansion of an upstate New York chip plant.
(With PTI input)
