Biden signs $52.7 bil. bill for chip production to counter China

Politics Economy

U.S. President Joe Biden on Tuesday signed into law a bill that invests $52.7 billion in semiconductor production and development in a bid to secure a technological edge amid intensifying competition with China. The enactment of the law, which includes $39 billion in manufacturing incentives, also comes as the United States is accelerating cooperation with Japan in the area of semiconductor supply chains to reduce its overseas reliance on importing the key high-tech component. "The CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring U.S. lead...

Kyodo News

Kyodo News