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President Biden To Sign CHIPS Act Into Law On August 9

US-CHINA

The White House has confirmed that President Biden will sign the USD$280b CHIPS and Science Act into law on Tuesday August 9.

  • White House: "On Tuesday, August 9th, the President will sign into law H.R. 4346, the CHIPS and Science Act of 2022, and deliver remarks. This bill will lower the cost of everyday goods, strengthen American manufacturing and innovation, create good-paying jobs, and bolster our economic and national security."
  • The timing of the signing is particularly sensitive given tensions between the US and China over House Speaker Nancy Pelosi's (D-CA) trip to Taiwan.
  • China's Ministry of Foreign Affairs Spox Zhao Lijian said this week: "A move by the US to try to artificially promote industrial transfer and decoupling is against the trend, and also unpopular considering the deeper integration of the global economy, and such an attempt will inevitably fail."
  • South China Morning Post writes that Beijing has responded by, "hastening efforts for semiconductor self-sufficiency through spending hundreds of billions of dollars on the sector with the aim of producing 70 per cent of the chips needed."
  • Senator Roger Wicker (R-MS): "China is our greatest adversary when it comes to technology. In recent decades, China has become notorious for stealing U.S. intellectual property. The CHIPS and Science Act includes protections to keep China from stealing U.S. research."
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