EU NEARS DEAL ON $47B LAW TO BOOST COMPUTER CHIP PRODUCTION

The European Union was closing in Tuesday on approval for a plan to ramp up semiconductor production as it seeks to wean itself off reliance on Asia for the tiny computer chips that control everything from cars to washing machines.

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The European Parliament and the bloc’s 27 member states struck an informal agreement for the 43 billion-euro ($47 billion) Chips Act, which pools public and private funds and allows for state aid to kick-start massive investments for chipmaking facilities.

“The Chips act puts Europe in the first line of cutting-edge technologies which are essential for our green and digital transitions,” Ebba Busch, industry minister for Sweden, which holds the rotating EU presidency, said in a statement.