On Tuesday, President Joe Biden will speak on the economy at a campaign event at Union Station in Washington, DC. The event is scheduled to start at 12:35 p.m. ET and can be viewed in the player above.
On Monday, the Biden administration made an announcement about providing up to $6.6 billion to a Taiwanese semiconductor giant to expand its facilities in Arizona. This move is aimed at ensuring that the most advanced microchips are produced domestically for the first time. The funding is linked to the CHIPS and Science Act, a sweeping 2022 law that President Biden has championed to revitalize U.S. semiconductor manufacturing.
The $280 billion package is designed to enhance the United States’ capabilities in military technology and manufacturing while also addressing supply chain disruptions that occurred in 2021 due to the COVID-19 pandemic. The shortage of chips at that time led to stalled factory assembly lines and increased inflation.
With the goal of reducing reliance on Asian suppliers and strengthening national security, the Biden administration has committed tens of billions of dollars to support the construction of U.S. chip foundries. This initiative is part of a broader effort to boost domestic manufacturing and enhance the country’s technological edge.
