News Analysis

Chips and science law gives US boost as it competes with China

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.

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