President Joe Biden is set to make remarks on the economy during a campaign event at Union Station in Washington, DC on Tuesday. The event is scheduled to begin at 12:35 p.m. ET and can be watched in the player above.
On Monday, the Biden administration announced a pledge to provide 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 connected 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
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