WASHINGTON | US President Joe Biden signed into law Tuesday unblocking $52 billion in subsidies to restart semiconductor production in the United States.
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The Democrat asserted that investing in these parts at the heart of modern electronics would help his country win “economic competition in the 21st century.”
The text passed by Congress at the end of July also envisages double-digit billions for research and development.
Passing this legislation represents a victory for Joe Biden after a long struggle and good news as the midterm elections draw closer.
The law “amplifies our efforts to make semiconductors here in America,” Joe Biden said, praising the entrepreneurs who “are the reason I’m optimistic about the future of our country.”
This investment plan “will lower the cost of living, create well-paying industrial jobs in the country, and strengthen America’s leadership in the industry of the future,” the president said in a press release after the vote in Congress.
Demand for semiconductors has exploded during the pandemic, causing global shortages that have been exacerbated by the closure of Chinese factories amid the Covid resurgence.
The United States suffered from this, as its share of world production has fallen sharply in favor of Asia in recent years. This significantly slowed the production of new cars last year and drove up prices in the automotive industry.
On Wednesday, Joe Biden will sign legislation aimed at improving care for American veterans who are exposed to toxic fumes emanating from braziers on military bases.
He was also due shortly to pass a comprehensive climate and health plan, which passed the Senate on Sunday thanks to the sole Democratic vote and now heads to the House of Representatives for a final vote.