President Joe Biden is preparing to highlight his administration’s economic policies in a speech Wednesday marking the first anniversary of the enactment of the CHIPs and Science Act.
The legislation, signed into law Aug. 9, 2022, aimed to bolster semiconductor manufacturing in the U.S. and counter China’s economic influence. It made nearly $53 billion in investments in U.S. semiconductor manufacturing, research and development, according to the White House.
Taiwan makes 60% of the world’s semiconductors, according to a 2021 report from the Boston Consulting Group, but it faces threats from China, which claims the self-ruling island as its own.
“Over the coming months, my Administration will continue to implement this historic law, make sure American union workers, small businesses, and families benefit from investments spurred by the CHIPs and Science Act, and make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains,” Biden said in a statement on Wednesday.
The president’s remarks will take place in Albuquerque, New Mexico, during a three-state swing in the Southwest. He arrived in New Mexico from Arizona on Tuesday, and he plans to depart for Utah after Wednesday’s speech.
Source: NBC News