09 Aug 2022 -
 General

Biden to sign $280B CHIPS act in bid to boost US over China

Joe biden

President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost U.S. domestic high-tech manufacturing, part of his administration’s push to boost U.S. competitiveness over China.

“We are going to invest it in America,” Biden said. “We’re going to make it in America. We’re going to win the economic competition of the 21st century in America.”

The White House said Micron is announcing a $40 billion plan to boost domestic manufacturing of memory chips, and Qualcomm and GlobalFoundries are announcing a $4.2 billion expansion of an upstate New York chip plant.

Last month, South Korea’s SK Group announced a plan to invest $22 billion in the United States on industries including semiconductors, green energy and bioscience, which the White House said will create tens of thousands of domestic jobs while helping ease global supply chain snarls that have persisted during the coronavirus pandemic.

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