In the face of the Taiwanese crisis, Biden signs legislation to revive semiconductor production
The White House signed into law on Tuesday, August 9, a bill that unlocks USD 52 billion in grants to boost semiconductor production in the United States.
Joe Biden assured that this investment in these parts at the heart of modern electronics would help his country to win “the economic competition in the 21st century”.
The bill, passed by Congress in late July, also provides billions of dollars for research and development.
For Joe Biden, the passage of this law represents a “victory won” after a long struggle and “good news” as the midterm elections approach.
It “will lower the costs of everyday life, create well-paying industrial jobs in the country and strengthen the United States’ leadership in the industry of the future,” he commented in a statement after the vote in Congress.
Demand for semiconductors exploded during the pandemic, causing global shortages, further exacerbated by the closure of Chinese factories in the face of resurgent COVID-19.
The United States, whose share of global production has declined sharply in recent years to the benefit of Asia, has suffered from these shortages. In particular, this slowed down the production of new cars last year, causing auto prices to soar.
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