Biden to sign $280 billion CHIPS act in bid to boost U.S. over China

The president looks to highlight a new law that will incentivise investments in the American semiconductor industry in an effort to ease U.S. reliance on overseas supply chains

August 09, 2022 03:51 pm | Updated 03:51 pm IST - Washington:

U.S. President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost domestic high-tech manufacturing. File Photo.

U.S. President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost domestic high-tech manufacturing. File Photo. | Photo Credit: Reuters

U.S. President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration's push to boost U.S. competitiveness over China.

The Rose Garden ceremony on August 9 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 U.S. reliance on overseas supply chains for critical, cutting-edge goods.

“We are going to invest it in America,” Mr. 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 $40 billion plan to boost domestic manufacturing of memory chips, and Qualcomm and GlobalFoundries are announcing a $4.2 billion expansion of an upstate New York chip plant.

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