President Biden signs executive order on the implementation of the CHIPS Act
US president Joe Biden has officially signed an executive order on the implementation of the CHIPS Act – a USD 52.7 billion semiconductor manufacturing subsidy and research law.
As previously reported by Evertiq, president Biden signed the bill earlier this month aiming to boost American semiconductor research, development, and production.
The Act will make "transformative investments to restore and advance our Nation’s leadership in the research, development, and manufacturing of semiconductors," the president said as he signed the order.
"These investments will strengthen our Nation’s manufacturing and industrial base; create well-paying, high-skilled jobs in construction, manufacturing, and maintenance; catalyze regional economic development throughout the country; bolster United States technology leadership; and reduce our dependence on critical technologies from China and other vulnerable or overly concentrated foreign supply chains."
China opposes the CHIPS Act
China has previously criticised the new US law as it ultimately aims to reduce dependence on Asian production – something that China sees as a threat to trade and also an attack on Chinese business.
During a press Conference on August 10, 2022, Wang Wenbin, the spokesperson of China's Ministry of Foreign Affairs, was asked about the ministry's views on the new bill.
"It would distort the global semiconductor supply chains and disrupt international trade." Wang Wenbin said. "China is firmly against that".
He continued to say that the protection measures within the bill has "a strong geopolitical undertone and constitute another example for the US’s practice of economic coercion."
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