Following successful votes in the Senate and House of Representatives, President Joe Biden has signed the CHIPS and Science Act into law. The $280 billion measure will provide significant financial assistance to American semiconductor firms. It sets aside $52 billion in tax credits and funding for US chipmakers to expand domestic production. For the sake of our economy, jobs and national security, we have to make these semiconductors in America again.”The CHIPS and Science Act is unlikely to affect domestic production immediately. The self-governing island is home to Taiwan Semiconductor Manufacturing Company, the most important chip foundry in the world.

Source: The Nation September 18, 2022 00:06 UTC