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Chips and science law gives US boost as it competes with China
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US President Joe Biden signs the Chips and Science Act of 2022, at the White House, on Aug 9, 2022.
PHOTO: REUTERS
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WASHINGTON - A freshly signed Bill to boost America's domestic chipmaking represents an embrace of industrial policy to better compete with China, and if properly rolled out, can lift the United States' long-term competitiveness against its rival, said analysts.
The Chips and Science Act, which President Joe Biden signed into law on Tuesday (Aug 9), stipulates that US$52 billion (S$71.7 billion) will be used to subsidise semiconductor manufacturing in the US, and a record sum of nearly US$170 billion will be set aside to fund research and development.
