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Joe Biden signs bill to help US semiconductor chip producers compete with China

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Joe Biden signs bill to help US semiconductor chip producerscompete with China

UnitedStates President Joe Biden on Tuesday signed a bill that would be a big boostfor domestic chip manufacturing companies. The Chips and Science Act willensure that around $200 billion is invested in manufacturing semiconductorchips over the next five years.

The motivebehind this initiative is to take the top spot in the industry from China andmake the US less dependent on other countries - something that happened becauseof the damage caused by the COVID-19 pandemic. "Today America isdelivering, delivering, and I sincerely believe in God that 50, 75, 100 yearsfrom now, those who look back this week will know that we are in thismoment." have met," Biden said.

the eventwas attended by executives from HP and Intel, both Republican and Democraticpoliticians, House Speaker Nancy Pelosi and Secretary of Commerce Gina Raimondo.Thanks to the bill, the White House said that a number of companies has alreadyagreed to invest an additional $50 billion into the American semiconductormanufacturing sector.

"Micronis announcing a $40 billion investment in memory chip manufacturing, criticalto computers and electronic devices, that will create 40,000 new jobs inmanufacturing and manufacturing"."This investment alone will bringthe US market share in memory chip production from 2 percent to 10percent," theWhite House said in an official statement on Tuesday. It was one of Biden'sfirst appearances since recovering from two bouts of COVID-19, which forced himto remain in isolation for longer periods.

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