On Monday, President Joe Biden’s administration announced a pledge to provide up to $6.6 billion in funding to a Taiwanese semiconductor giant to expand its facilities in Arizona. This move is aimed at ensuring that the most advanced microchips are produced domestically for the first time, as part of the CHIPS and Science Act, a sweeping 2022 law designed to revitalize U.S. semiconductor manufacturing. The $280 billion package aims to enhance the United States’ capabilities in military technology and manufacturing while also addressing supply chain disruptions caused by the COVID-19 pandemic in 2021.
During a campaign event at Union Station in Washington DC on Tuesday, President Biden is set to deliver remarks on the economy. The event will begin at 12:35 p.m. ET and can be watched through the player above.
The shortage of chips led to stalled factory assembly lines and increased inflation last year, which prompted the Biden administration to commit tens of billions of dollars towards supporting the construction of U.S chip foundries as part of an effort to reduce reliance on Asian suppliers and strengthen national security.
