President Joe Biden stated companies had invested more than $166 billion to bring semiconductor manufacturing back to the country.
The legislation includes $52 billion in subsidies to boost domestic semiconductor research and manufacturing as the US seeks to better compete against China while addressing an ongoing global semiconductor shortage. President Biden noted US production had fallen from nearly 40 per cent of the world’s chips to just more than 10 per cent, “making our economy vulnerable to global supply chain disruptions.”
He stated the legislation would restore the nation’s place in the global production chain and reduce dependence on other nations “for our electronics or clean energy supply chains.”
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