Just Now! Biden signs executive order to implement chip law!
On August 26, US President Biden signed an executive order aimed at implementing the "Chip and Science Act of 2022". Regarding this bill, the Chinese Ministry of Foreign Affairs and the Ministry of Commerce have made it clear that China is firmly opposed to disrupting international trade!
The White House said in a statement that Biden signed an executive order on the 25th local time to implement semiconductor funding in the "Chip and Science Act of 2022". "This executive order reflects the Biden-Harris administration's commitment to rapidly increase semiconductor production, strengthen research and design leadership, and develop a diverse semiconductor workforce that will give the United States a competitive advantage on the world stage," the statement said. "
In addition, to ensure transparent and effective communication of the bill's projects, the Commerce Department launched the CHIPS.gov website, which provides stakeholders with $50 billion in manufacturing and R&D funding, the statement said.
The executive order sets six priorities for implementing the Chip and Science Act of 2022, and also establishes a 16-member interagency steering committee, co-chaired by three members including Assistant to the President for National Security Affairs Sullivan. Other members include US Secretary of State Blinken, Treasury Secretary Yellen, Defense Secretary Austin and Commerce Secretary Raimondo.
Reuters noted that it was unclear when the Commerce Department would formally provide semiconductor chip funding for future applications, or how long it would take to make the grants.
On August 9, Biden signed the "Chip and Science Act of 2022" to provide huge subsidies to the domestic chip industry in the United States, so as to improve the competitiveness of the United States in the field of technology.
In this regard, Chinese Foreign Ministry spokesman Wang Wenbin rebuked on the 10th that the US bill claims to be aimed at enhancing the competitiveness of US technology and the chip industry, but it provides huge subsidies to the US domestic chip industry and implements differentiated industry support policies, including some restrictions. The terms of the normal investment and economic and trade activities of enterprises in China and the normal scientific and technological cooperation between China and the United States will distort the global semiconductor supply chain and disrupt international trade. China firmly opposes this. The so-called "protective measures" of the law have strong geopolitical overtones and are another example of the United States engaging in economic coercion.
