Biden signs bill to boost chip manufacturing in the US
U.S. President Joe Biden today signed a $280 billion bill to encourage domestic high-tech manufacturing, part of his administration's efforts to increase the U.S.'s competitiveness against China.
The law is a key part of Biden's economic agenda to spur investment in the U.S. semiconductor industry in order to reduce U.S. dependence on technology supplies from China.
- The future of the chip industry will be made in America, said Biden today at the official ceremony.
The bill earmarks $52 billion to boost the US computer chip sector.
The bill was in the works for more than a year before passing both houses of Congress late last month.
The White House mentioned today that Micron, the leading American chip maker, will announce a $38 billion plan to increase domestic production of memory chips.
It was also announced that "Qualcomm" and "GlobalFoundries" will present the expansion of the chip factory in New York.
The administration has also repeatedly portrayed the law as an important component in countering China's influence and ensuring that the US can maintain a competitive advantage over Beijing, particularly in semiconductor manufacturing.