Biden to sign $280B CHIPS act in bid to boost US over China

President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost domestic high-tech manufacturing

Biden (Copyright 2022 The Associated Press. All rights reserved.)

President Joe Biden is preparing to sign a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration's push to boost U.S. competitiveness over China.

The Rose Garden ceremony on Tuesday will include lawmakers, union officials, local politicians and business leaders, the White House said, as the president looks to highlight a new law that will incentivize investments in the American semiconductor industry in an effort to ease U.S. reliance on overseas supply chains for critical, cutting-edge goods.

“We are going to invest it in America,” Biden said Friday. “We’re going to make it in America. We’re going to win the economic competition of the 21st century in America.”

The White House said Micron is announcing a $40 billion plan to boost domestic manufacturing of memory chips, and Qualcomm and GlobalFoundries are announcing a $4.2 billion expansion of an upstate New York chip plant.