On Monday, the Biden administration announced plans to provide up to $6.6 billion to a Taiwanese semiconductor company to expand its facilities in Arizona. This move aims to ensure that the most advanced microchips are produced domestically for the first time. The funding is part of the CHIPS and Science Act, a $280 billion package passed in 2022 to bolster U.S. semiconductor manufacturing.
President Joe Biden is set to address the economy during a campaign event at Union Station in Washington, DC on Tuesday. The event is scheduled to begin at 12:35 p.m. ET and can be watched in the player above.
The Biden administration has made commitments to provide significant financial support for the construction of U.S. chip foundries. The goal is to decrease reliance on Asian suppliers, which is viewed as a security vulnerability by Washington. This move is aimed at strengthening the U.S.’s military technology and manufacturing capabilities, while also reducing the risk of supply disruptions like those seen during the pandemic in 2021.
