President Joe Biden is preparing to highlight his administration’s economic policies in a speech Wednesday marking the first anniversary of the enactment of the CHIPs and Science Act.
The legislation, signed into law Aug. 9, 2022, aimed to bolster semiconductor manufacturing in the U.S. and counter China’s economic influence. It made nearly $53 billion in investments in U.S. semiconductor manufacturing, research and development, according to the White House.
Taiwan makes 60% of the world’s semiconductors, according to a 2021 report from the Boston Consulting Group, but it faces threats from China, which claims the self-ruling island as its own.
“Over the coming months, my Administration will continue to implement this historic law, make sure American union workers, small businesses, and families benefit from investments spurred by the CHIPs and Science Act, and make America once again a leader in semiconductor manufacturing and less dependent on other countries for our electronics or clean energy supply chains,” Biden said in a statement on Wednesday.
The President’s remarks are scheduled to take place at Albuquerque in New Mexico during his three-state tour of the Southwest. He arrived in New Mexico from Arizona on Tuesday, and he plans to depart for Utah after Wednesday’s speech.
The trip is part of a lead-up to the anniversary of the Inflation Reduction Act, signed into law on Aug. 16, 2022. Senior administration officials blitzed across the country this week to tout aspects of the president’s signature pieces of legislation.
On a Tuesday, Biden in Arizona announced the creation of a national monument close to Grand Canyon. The monument encompasses nearly 1 million acres of land, according to the White House. Biden stated that the monument will not only help preserve and protect ancestral sites important to Indigenous people but also grow the tourism industry in the region.
After he arrived in New Mexico, the president attended a fundraiser, where he said he would soon travel to Vietnam. The White House had not previously announced the trip.
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