Biden signs $280B CHIPS act in bid to boost US over China

[Omaha Steve]

Source: AP

WASHINGTON (AP) — President Joe Biden on Tuesday signed a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration’s push to boost U.S. competitiveness over China.

Flanked by scores of lawmakers, union officials, local politicians and business leaders, Biden feted the legislation, a core part of his economic agenda that will incentivize investments in the American semiconductor industry in an effort to ease U.S. reliance on overseas supply chains for critical, cutting-edge goods.

“The future of the chip industry is going to be made in America,” Biden said in a sweltering Rose Garden ceremony Tuesday, referring to the diminutive devices that power everything from smartphones to computers to automobiles. The legislation sets aside $52 billion specifically to bolster the U.S. computer chip sector.

The bill has been more than a year in the making, but finally cleared both chambers of Congress late last month with significant bipartisan margins. The Senate passed it 64-33, with 17 GOP senators supporting it, while the House quickly followed suit with a 243-187 vote that included 24 House Republicans in favor, even though party leaders began urging their ranks to vote against it after Democrats advanced a separate sweeping bill focused on climate and health care.



President Joe Biden speaks before signing the "CHIPS and Science Act of 2022" during a ceremony on the South Lawn of the White House, Tuesday, Aug. 9, 2022, in Washington. (AP Photo/Evan Vucci)


Read more: https://apnews.com/article/biden-technology-china-government-and-politics-1f8c7901c14c1894856c98968f2b837a

[Marthe48]

1. I remember one of his campaign speeches

He said he would and he did.

[nycbos]

2. Hopefully these CHIPs aren't just something we will make for domestic use...

... but something we can export as well. More balance in trade.

[GB_RN]

3. Intel and TSMC Are Building New Plants Here, Now...

Intel is building two new chip fabrication plants in Ohio (I think) and Taiwan Semiconductor Manufacturing Corporation (the company that makes Apple's new, M-chips), is building a $12 billion dollar chip fabrication plant in Arizona. This on-shoring of production will bring thousands of construction jobs and hundreds (to thousands) of new, high tech manufacturing jobs.

Pretty sure that both companies saw that maintaining production within mainland China (Or as Dolt45 would say, "Gina&quot was a losing proposition for them in the not-so-distant future.

I have to wonder if, since TSMC makes Apple's chips, and Apple prefers to have all its suppliers near its assembly points, if this will be a part of a move on Apple's part to bring (some of) its assembly back to the US. It doesn't seem cost effective to have chips made here, shipped back across to China and then ship the assembled laptops/iMacs all the way BACK to the US.

[oldsoftie]

4. Now submit a bill that somehow forces critical items OUT of China.

I don't know how to write that bill. But its needed. We shouldn't be getting 95% of our antibiotics from China. Among MANY other things.
Stop giving them the money they use against us.

[RussBLib]

5. This is huge

I recently heard some of the chipmakers insist the Chips Act pass or they might go out of country. A little bit of blackmail, perhaps, but the benefits will outweigh that.

I just hope we will be able to find enough employees for all these jobs. At 3.5% unemployment, we might need to import more workers!

[myohmy2]

6. +1...

...it's where it's at...

...I don't think the tussle's about Taiwan being democratic or that Taiwan's part of China...

...it's TSMC...