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US Prepares to Put China's Tech Industry in Chokehold: Report

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Joe Biden gave $8.5 billion in funding to Intel Corporation on Wednesday to boost the domestic semiconductor industry.

The U.S. is set to roll out the measures to chokehold China's semiconductor industry as the battle over technology supremacy between Washington and Beijing intensifies, according to Bloomberg.'The Biden administration is considering blacklisting a number of Chinese semiconductor firms linked to Huawei Technologies Co. after the telecom giant notched a significant technological breakthrough last year,' Bloomberg reported on Wednesday.

Act. stands for 'Creating Helpful Incentives to Produce Semiconductors'.The U.S. and Science Act 2022 will seek to tackle the shortage of semiconductors by boosting domestic production with a $52 billion investment in government subsidies. The Biden administration is seeking to reduce dependence on China and Taiwan; geopolitical concerns such as the Ukraine-Russia war have weighed heavily on the chip supply chain.'It's going to transform the semiconductor industry,' Biden said on Wednesday at the Intel campus in Chandler, Arizona.

 

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