US President Joe Biden has signed into law committing $280bn (£232bn) to high-tech manufacturing and scientific research amid fears the country is losing its technology edge to China.
The investment includes tax breaks for companies building computer chip manufacturing plants in the United States.
Business groups have long pushed for more government support, citing the need to reduce dependence on China.
A Worldwide Shortage Of Microchips Increased The Urgency Of His Calls
Chuck Schumer, the top Democrat in the Senate, called the bill a “game changer” that would ensure American leadership and prosperity into the next century.
He said that the dictators were happy about our defeat and expected us to sit quietly. “By enacting the CHIPS and SCIENCE Act, we are making clear that we believe another great American century is upon us.”
Today, the U.S. produces about 10% of the world’s supply of semiconductors, which are key to everything from cars to mobile phones, up from about 40% in 1990.
The Country Is Not Alone In Its Investment In The Industry
The European Union said this spring it would commit more than 40 billion euros to boost production of computer chips, while China is also increasing its investment in science and technology.
The Chinese embassy in Washington opposed the semiconductor bill, calling it a reminder of “Cold War mentality”.
In addition to investments in chips, the bill directs about $200 billion to agencies such as the National Science Foundation. Aimed at boosting investment in areas such as robotics and wireless communications.
Biden called it a “generation at a time” investment and said it was already driving growth in the U.S. Pointing to Micron’s plans to spend $40 billion on making memory chips. The project is expected to create 40,000 jobs.
It’s the latest victory for the White House, which recently signed an agreement. To advance a major plan to combat climate change.
Unlike the plan technology, which was opposed by Republicans, the bill received bipartisan support. Despite the US government’s role in a domain often left to the private sector.
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