Money
Is a $52 billion boost enough to end a global chip shortage?
As the race to combat the global chip shortage continues the Biden administration is big to end the crisis
US President Joe Biden is preparing to spend $52 billion to boost the worsening shortage of semiconductor chips.
The White House is still waiting for congressional approval on the big spend but is pushing ahead with plans of how to invest the money wisely.
The Commerce Secretary says America “needs to incentivise the manufacturing of chips” if the country wants the crisis to end.
She added that officials have been speaking with the impacted industries on a daily basis which has helped address the shortage from the ground up.
Whilst there have been reports that the sector is gradually improving, but the car manufacturing sector may still be impacted by delays.
Biden recently called for Semiconductor chips to be produced locally in the US, but this company is ignoring his plea.
Semiconductor manufacturer ‘Global Foundries’ has ignored US President Joe Biden’s request for new plants to be built locally amid the global chip shortage.
Construction will begin on the $4 billion Asian plant in 2023. This goes against the Biden administration’s wishes to return chip manufacturing to American soil.
The company will join rivals including ‘Samsung’ and ‘Taiwan Semiconductor Manufacturing Co’ which are all also trying to address the current chip shortage.
The President has been under increasing pressure to secure a constant supply of this crucial tech that is used in so many modern devices.
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