More than $52 billion in subsidies will encourage the building of semiconductor manufacturing factories in the United States.
Subsidies Under CHIPS Act Will Encourage Suppliers to Build Semiconductor Manufacturing Factories in the US
Under the CHIPS Act, over $52 billion in subsidies will be released to encourage suppliers to build semiconductor manufacturing factories in the United States by expanding the subsidy eligibility.
According to reports from Washington Examiner, the approved subsidies will benefit the suppliers as the bill will allow eligible suppliers to work within the country and build semiconductor manufacturing factories with enough support and funding.
With the billions of subsidies, the Biden administration believed that increasing semiconductor manufacturing factories in the country would be a big step for them to compete with China to being one of the leading countries in the semiconductor industry.
Over $52 Billion in Subsidies to Support the Building of Semiconductor Manufacturing Factories in the United States
Following the expansion of subsidies to support the building of semiconductor manufacturing factories in the country, other US factories aimed to be eligible for billions of funding to help them construct their factory hubs.
Aside from the US, several other countries were also exerting efforts to increase the number of semiconductor manufacturing factories to boost the industry in their country.
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