December 8, 2022

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In an effort to strengthen the US over China, Joe Biden signs the $280 billion CHIPS act

Image Courtesy: File Photo

As part of his administration's drive to make the United States more competitive than China, President Joe Biden signed a bipartisan bill worth USD 280 billion on Tuesday to promote local high-tech manufacturing.

As part of his administration’s drive to make the United States more competitive than China, President Joe Biden signed a bipartisan bill worth USD 280 billion on Tuesday to promote local high-tech manufacturing.

Biden celebrated the legislation, a key component of his economic agenda that will encourage investments in the American semiconductor industry in an effort to reduce the U.S. reliance on foreign supply chains for essential, cutting-edge goods. Biden was flanked by numerous lawmakers, union officials, local politicians, and business leaders.

In a hot Rose Garden ceremony on Tuesday, Biden declared that the tiny electronics that power everything from cellphones to computers to autos will be manufactured in the United States in the future. The measure expressly allots USD 52 billion to support the American computer chip industry.

After more than a year of work, the bill was eventually passed by large bipartisan majorities in both chambers of Congress late last month. It was approved by the Senate 64-33, with 17 Republican senators voting in favour. The House swiftly followed suit, passing it 243-187, with 24 Republicans voting in favour, despite party leaders’ pleas to their members to oppose it after Democrats advanced a different comprehensive bill focusing on climate change and healthcare.

The White House attempted to highlight the immediate benefits of the semiconductor measure on Tuesday by pointing out that Micron, a major American chipmaker, will announce a USD 40 billion plan to increase domestic memory chip production, and Qualcomm and GlobalFoundries will announce a USD 4.2 billion expansion of an upstate New York chip plant.

The government has also emphasised the need of this law in containing the influence of a rising China and preserving American competitiveness with Beijing, notably in the semiconductor industry. Biden mentioned during his remarks on Tuesday that the Chinese government has pressured U.S. corporations against the legislation. Administration officials have briefed Congress on this bill’s potential effects on national security at several times.

A whole new generation of Americans will be motivated by the CHIPS and Science Act to respond to the query: What comes next? Tuesday at the signing ceremony, Biden stated. People will reflect on this week, what we did and accomplished, and how we met the moment at this crucial juncture in history decades from now.

Biden has scheduled a number of public events since recovering from COVID-19, including a trip to flood-stricken Kentucky on Monday and another signing ceremony for legislation supporting veterans who have been injured by toxic burn pits on Wednesday. The ceremony on Tuesday is just one of these events. Although Biden apologised for coughing numerous times during his speech, it was clear that he was still battling with some residual effects.

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