On Tuesday, President Joe Biden signed into law a multi-billion dollar bill promoting the domestic semiconductor sector and other high-tech manufacturing sectors that US leaders fear is at risk. dominated by rival China.
The Chip and Science Act includes about $52 billion to spur manufacturing of microchips, the small but powerful and relatively difficult to fabricate components at the heart of almost every modern machine device.
Tens of billions of dollars more are allocated for scientific research and development.
The White House says the government’s commitment to boosting the high-tech industries has attracted large-scale private investors, with about $50 billion invested in new semiconductors. Much of that is a plan announced by US company Micron to invest $40 billion in domestic expansion by 2030.
Biden said at a White House speech that pumping money from the Chips Act would help “win the economic competition in the 21st century.”
Entrepreneurs are “the reason why I’m so optimistic about the future of our country,” he said, and “The Chip and Science Act supercharged our efforts to create semiconductors in America.”
One of the Democratic Party’s main themes since he took office has been the need to improve U.S. leadership in cutting-edge innovation and rebuilding the homegrown industrial base ahead of major investments. China’s state-backed giant.
Semiconductors are of particular interest because they are vital to everything from washing machines to sophisticated weapons, and nearly all are made abroad.
According to the White House, although semiconductors were invented in the United States, the country produces only about 10% of the global supply, with about 75% of the US supply coming from East Asia.
Biden is also leaning on the Chips Act to generate enthusiasm among voters, as his Democrats try to protect a slim congressional majority from a Republican takeover in the midterm elections in November. this 11.
He told Americans that studies show factory expansion will create about a million jobs in the construction sector over the next six years – and these will be “union jobs” that pay “unique wages.” common wages”.
On Wednesday, Biden will sign another bill that increases funding for military veterans exposed to the poison. Like the Chips bill, this has won bipartisan support in the often bitterly divided Congress.
In the short term, Biden is also expected to sign a massive domestic investment bill – backed only by Democrats – aimed at combating climate change and reducing healthcare costs.
Reflecting on his string of successes in Congress and the sudden impetus for his long stalled agenda, Biden predicted that “people will look back on this week and all that we’ve come through, and all that we went on, that we met at this thinking point in history.”
“We bet on ourselves, believed in ourselves and absorbed the story, spirit and soul of this people,” he said.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)