President Joe Biden signed a bipartisan bill on the 9th to invest $280 billion in domestic semiconductor production and research support to strengthen the US’s competitiveness with China.
President Biden signed the Semiconductor Industry Promotion Act at the White House on the 9th.
“Fundamental changes are being made politically, economically and technologically,” Biden said before signing the bill.
The bill would provide more than $52 billion in funding to the semiconductor industry, and would include a 25% tax credit for companies that set up semiconductor factories.
The measure also provides tens of billions of dollars in grants to support scientific research and development, and to enhance other technological innovation and development in the United States.
China has been lobbying a lot to prevent the passage of the bill, but President Biden said on the 9th that “it is not unusual for the Chinese Communist Party to lobby to block the passage of the bill.”
In response to President Biden’s signing of the bill, the Chinese embassy in the United States said in a statement that it “reminiscent of the Cold War mentality,” and that China “resolutely opposes it.”
VOA News
* This article referenced Archyde.com.