President Biden has signed the Semiconductor Industry Promotion Act, which calls for large-scale investment in the U.S. semiconductor industry.
[US President Joe Biden]
"We have signed a law that is a once-in-a-generation investment in U.S. history and that will make the American people proud."
The key is to invest 280 billion dollars, 366 trillion won in our money over the next 10 years
Subsidies worth $52 billion will be provided for semiconductor production, research and development alone.
"America is back," Mr. Biden said after addressing the world's fierce competition for semiconductor investment He emphasized his willingness to foster the semiconductor industry.
[US President Joe Biden]
"The future of the semiconductor industry will be 'Made in America.' Semiconductor industry leaders are watching the U.S. return and lead."
As China's main purpose is to check, the bill was previously passed with bipartisan support from Congress.
President Biden pointed out the reality of falling behind China, and also revealed that there was a Chinese lobby to block the bill.
[US President Joe Biden]
"Unfortunately, high-end semiconductor production in the U.S. is now at 0 percent. China is trying to manufacture high-end semiconductors ahead of us. It is not surprising that the Chinese Communist Party actively lobbied American companies against the Semiconductor Act.
President Biden has been attending a series of public events after recovering from COVID-19, and after coughing several times, he apologized during his speech.
The U.S.-China competition over semiconductors is expected to intensify if China, which warned that it would take strong measures if the U.S. semiconductor law is implemented, comes up with a corresponding level of response.
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