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US President Joe Bidensigned a law on Tuesday to stimulate the development and production of semiconductors in the country amid fears that China will become the dominant power in the sector.
The Chip and Science Act, which exempts 52000 million grants will help USA win the “economic competition of the 21st century”, assured Biden.
In addition to investment in these critical components of modern electronics, the text provides for tens of billions of dollars in research and development.
The legislation passed by Congress at the end of July represents a victory Biden after a protracted struggle, which is good news for his party ahead of the midterm elections.
Joe Biden wants the United States to continue to compete with China | Font: AFP
“It enhances our semiconductor manufacturing efforts here in USA”, said Bidenwho praised the businessmen, whom he called “the reason why I am optimistic about the future of our country.”
Global demand for semiconductors soared during the pandemic, leading to global shortages exacerbated by Chinese factory closures due to outbreaks COVID-19.
USA has been particularly affected by this shortage and has drastically reduced its share of world production in recent years, giving an advantage Asia.
The lack of semiconductors has significantly halted car production over the past year and driven up prices in the auto industry.
Declarations in Kentucky
In Kentucky, where at least 37 people have been killed by devastating flooding, President Joe Biden He promised to restore the lives of those affected, an optimistic message he hopes to convey to a divided United States three months before the crucial midterm elections.
Monday in a rural town lost creek The presidential convoy marched through streets devastated by torrential rains that hit the area in late July, with fallen trees and broken houses strewn everywhere.
But after visiting the victims, the 79-year-old Democrat said the disaster provided an opportunity to strengthen social bonds.
“Everyone has a duty to help,” he said. Bidenand assured that the federal government, state, county, and city would remain where they were “until everyone is back where they were.”
“I’m serious,” added the pro-unity president at a time when the split between Democrats and Republicans is such that they can barely talk to each other.
But Biden believe in your lucky star.
(According to AFP)
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.