The Biden administration laid out new restrictions on investments in China by companies that receive subsidies for semiconductor production in the US through last year's bipartisan CHIPS Act. This is the latest blow in the tech war between the US & China.
, which Congress passed last summer to provide funding to help the United States build more chips, will offer more than $53 billion in grants to companies growing their local chip plants in the U.S.
The CHIPS Act"is fundamentally a national security initiative, and these guardrails will help ensure malign actors do not have access to the cutting-edge technology that can be used against America and our allies," Commerce Secretary Gina Raimondo said in a statement."We will also continue coordinating with our allies and partners to ensure this program advances our shared goals, strengthens global supply chains, and enhances our collective security.
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