9/9/2022, 6:50 PM (Source: TeleTrader)
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Biden: Chip industry future will be made in America

United States President Joe Biden described on Friday the opening of a new Intel Corporation factory in Licking County, Ohio, which has been facilitated thanks to the recently signed CHIPS Act, as a result of "historic investments" that are happening "here in America."

The president insisted that thanks to the bill, "Made in Ohio" and "Made in America" will not be "just a slogan," but the country's reality as "the future of chip industry will be made in America." He also stressed the act will enable bringing down costs of production and creating "good jobs" as the rise in inflation that emerged in 2021 happened due to the shortage in semiconductors.

Additionally, Biden stressed the importance of the law in improving the US's situation in the global semiconductor market. He warned that "China is trying to get ahead of us" and accused Beijing of lobbying against the CHIPS Act with US businesses.

Baha Breaking News (BBN) / JR