The president’s government Joe Biden has reached a deal to give Intel $8.5 billion in direct funding and $11 billion in loans to build semiconductor factories in the states of Arizona, Ohio, New Mexico and Oregon.
Biden plans to talk about the investment on Wednesday when he visits Intel’s campus in Chandler, Arizona, which could be a swing state in the November election.
The Secretary of Commerce, Gina Raimondo, said that through this agreement, the United States will be able to produce the twenty% of the most advanced chips in the world by 2030, compared to its current level of zero. The United States designs semiconductors, but its inability to manufacture them domestically has become a national security problem as well as an economic one.
“We cannot fail, the latest generation chips are the core of our innovation system, especially with regard to advances in artificial intelligence and our military systems”Raimondo said in a telephone press conference.. “We can’t just design chips. We have to make them in the United States.”
As the presidential campaign heats up, Biden tells voters his actions have led to a resurgence in domestic manufacturing and job gains. His message is a direct confrontation with former President Donald Trump, the presumptive Republican candidate, who raised import tariffs when he was in the White House under the promise of protecting manufacturing jobs from China.
Biden beat Trump in Arizona by a margin of 49.4% to 49.1% in the 2020 elections.
Voters have pessimistic views on Biden’s economic leadership: barely the 3. 4% approves, according to a February poll by The Associated Press-NORC Center for Public Affairs. The prolonged impact of inflation, which reached its highest peak in four decades in 2022, has hurt the Democrat, who on economic matters had an approval level of 52% in July 2021.
Funding for Intel’s projects would come in part from the CHIPS and Science Act of 2022, passed by both parties at a time when there were fears that lack of access to chips made in Asia could plunge the U.S. economy into recession.
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Source: Gestion
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