US President Joe Biden assured that China tried to influence the microchip manufacturing law, which he himself signed on Tuesday, and that it will strengthen supply chains to improve the position of the North American country against Chinese competition.
“It is not surprising that the Chinese Communist Party actively pressured US companies against this bill,” said the president at the act in which he signed the new legislation, approved by the US Lower House on July 28.
The law contemplates a total investment of US$ 280,000 million, of which US$ 52,700 million are aimed at promoting the construction and expansion of national semiconductor factories with subsidies and additional credits.
All this with the aim of reversing the enormous dependence that the United States has on microchips manufactured abroad, especially in China.
“More than 30 years ago, 40% of the world’s production of these chips was made in America,” Biden explained, but then “something happened” and today only “10% of semiconductors” are produced.
Thus, he added, “the United States should lead the world in the production of these advanced chips.”
Biden recalled an anecdote from a few years ago, when he met with Chinese President Xi Jinping. “He asked me to define the United States in one word and I said possibilities. In America, anything is possible,” she added.
At the signing, the president was joined, among others, by House Speaker Nancy Pelosi, whose visit to Taiwan last week has strained relations between Beijing and the White House.
At the event it was also recalled that the US firm Micron Technology has just announced that it plans to invest US$ 40,000 million in the manufacture of semiconductors in the North American country.
The Idaho-based chipmaker announced that the investment will create 40,000 new jobs, including 5,000 highly paid technical and operational positions.