On Tuesday, President Joe Biden signed legislation providing $52.7 billion to boost US chip production.

President Joe Biden

The Chip and Science Act will help to invest over $200B for the next 5 years to assist America in regaining leadership in chip manufacturing.

Chip and Science Act

The Chips Act

The aim of this bill is to counter the growing economic power of China and lower the cost of goods and reduce America's dependence on overseas manufacturing.

On the White House lawn, some members of the Republican party also joined President Biden to sign the chips bill that Congress had been working on for years.

The Chips Act- Biden

The Chips Act- Covid-19

Joe Biden recently came out of isolation after recovering from Covid-19, coughed during his speech.

The main purpose of the Chips Act is to increase the competency level of the United States with China.

The Chips Act- China

Semiconductor Production

Just a few years ago, America was on top of semiconductor production, but many manufacturers are now importing semiconductors made in other countries like China.

The Semiconductor Industry Association said that the share of America’s semiconductor manufacturing capacity has fallen from 37 percent in 1990 to 12 percent today.

The Chips Act- Semiconductor

Due to the recently passed act, the companies publicized this week that they will invest an additional $50 billion in US semiconductor manufacturing, according to the White House.