President Joe Biden is set to deliver a speech on Wednesday to commemorate the one-year anniversary of the enactment of the CHIPS and Science Act. The legislation, signed into law on August 9, 2022, aimed to strengthen semiconductor manufacturing in the United States and counter China’s economic influence. According to the White House, the law allocated nearly $53 billion for investments in U.S. semiconductor manufacturing, research, and development.
Taiwan, which produces 60% of the world’s semiconductors, faces threats from China, which claims the self-ruling island as its own. This reliance on Taiwan for semiconductors has highlighted the need for the United States to bolster its domestic manufacturing capabilities. President Biden emphasized the importance of the CHIPS and Science Act in reducing dependence on other countries for electronics and clean energy supply chains.
During his speech in Albuquerque, New Mexico, President Biden will outline his administration’s plans to implement the historic law. He aims to ensure that American union workers, small businesses, and families benefit from the investments spurred by the CHIPS and Science Act. The president’s goal is to make America a leader in semiconductor manufacturing once again and reduce reliance on foreign countries.
This speech comes as part of President Biden’s three-state swing in the Southwest, leading up to the anniversary of another significant legislation, the Inflation Reduction Act, signed into law on August 16, 2022. Senior administration officials have been traveling across the country this week to highlight different aspects of the president’s signature pieces of legislation.
During his visit to Arizona on Tuesday, President Biden announced the creation of a new national monument near the Grand Canyon. The monument encompasses nearly 1 million acres of land and aims to conserve and protect ancestral places significant to Indigenous people. Additionally, the president believes that the monument will contribute to the growth of the area’s tourism economy.
After arriving in New Mexico, President Biden attended a fundraiser where he unexpectedly revealed his plans to travel to Vietnam. The White House had not previously announced this trip, indicating its importance in addressing critical diplomatic matters.
In the 2020 election, President Biden won New Mexico with 54.3% of the vote. However, his margin in Arizona was much slimmer, with just over 10,000 votes. Utah, on the other hand, favored Donald Trump, who received 58.1% of the vote.
President Biden’s speech in Albuquerque will serve as a platform to highlight the progress made in strengthening U.S. semiconductor manufacturing through the CHIPS and Science Act. It demonstrates the administration’s commitment to reducing reliance on foreign suppliers and positioning the United States as a leader in critical industries.
Original Story at www.nbcnews.com – 2023-08-09 15:38:59
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