Washington, DC/London CNN —The US government plans to give $6.6 billion to the world’s biggest manufacturer of semiconductor chips to help it build three factories in Arizona as part of President Joe Biden’s efforts to secure the supply of advanced chips.
“America invented these chips, but over time, we went from producing nearly 40% of the world’s capacity to close to 10%, and none of the most advanced chips,” Biden said in a statement.
The company’s total $65 billion investment represents the largest foreign direct investment in Arizona’s history, the White House said.
Securing supply chainsThe US government has emphasized the need to bring more chip production onshore to limit potential supply disruptions.
Taiwan is also in a vulnerable position: Supply chain experts and US officials worry that US-China trade tensions and potential military aggression against the island by Beijing could disrupt its vital chip-making industry.
Persons:
Joe Biden’s, ” Biden, Mark Liu, Gina Raimondo, Biden, “, Juliana Liu
Organizations:
London CNN, White, Taiwan Semiconductor Manufacturing Company, US
Locations:
Washington, DC, Arizona, ”, America, Taiwan, China, Beijing, United States of America, Hong Kong