In a Thursday interview with CNBC's Jim Cramer, U.S. Secretary of Commerce Gina Raimondo stressed the importance of domestic chip production and said the country is on track to meet its end-of-decade goal.
"My boss, President Biden, has been crystal clear on this topic, and I think there's no place to be reckless here or play politics with this," Raimondo said.
The Biden Administration's CHIPS act allocated billions to encourage semiconductor companies to manufacture their products in the U.S., with recipients including Intel , Micron , Samsung and Taiwan Semiconductor .
"American businesses were in search of cheap capital and cheap labor and profits, so everything went overseas—China, Taiwan, etcetera," Raimondo said.
"Except, we wake up now, and we find that whether it's chips or critical minerals or components, we're vulnerable.
Persons:
CNBC's Jim Cramer, Gina Raimondo, President Biden, Raimondo
Organizations:
Biden, Intel, Micron, Samsung, Taiwan Semiconductor, U.S
Locations:
U.S, Taiwan, China