Aug. 12, 2022—President Biden signed the CHIPS bill on Tuesday.
According to Reuters, chief executives from Micron, Lockheed Martin, HP, and Advanced Micro Devices were some of the individuals in attendance at the bill signing.
Additionally, the governors of Pennsylvania and Illinois were there, as well as the mayors of Detroit, Cleveland, and Salt Lake City. Reuters also reported that "some Republicans" were at the bill signing as well.
The CHIPS bill will provide $52.7 billion in subsidies for U.S. semiconductor chip production. This could be instrumental in helping various industries, including the automotive industry.
The bill, which faces major opposition from China, includes a 25 percent investment tax credit for chip plants.
The bill aims at making the United States a more worthy competitor for China, as it includes a $200 billion investment across 10 years in U.S. scientific research.
Reuters reported that the Chinese Embassy in Washington has reiterated China's opposition to the bill, and even called it similar to a "Cold War mentality."
"The future is going to be made in America," Biden said, according to Reuters.
