President Biden signs $52bn CHIPS Act into law
President Joe Biden has signed the ‘historic’ $52bn CHIPS Act into law to place the US as a forerunner in the semiconductor market and revitalise domestic manufacturing.
The US President on Thursday (9th August) implemented the industrial strategy that sets aside funding for new semiconductor programmes, including $39bn for a grant programme available to semiconductor manufacturers as well as equipment and materials suppliers.
Technology is the new frontier of international relations. The interaction is bi-directional: technology is defining diplomatic matters while diplomacy is also influencing the development and deployment of technology. Take semiconductors as an example. This is a technology that forms the foundation of digital economy, national security, and productivity in almost all industries. Global supply chain in the semiconductor industry is shaping U.S. foreign policy. Conversely, America’s diplomatic effort has been redefining the supply chain. Tech diplomacy is different from science diplomacy, which became a key pillar for the U.S. and other countries since World War II. Scientists participated in treaty negotiations, engaged in bilateral summits and served as attachés at embassies. Primary topics included nuclear proliferation, super-collider construction, human space exploration and environmental science.
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