A freshly signed Bill to boost America’s domestic chipmaking represents an embrace of industrial policy to better compete with China, and if properly rolled out, can lift the United States’ long-term competitiveness against its rival, said analysts.
The Chips and Science Act, which President Joe Biden signed into law on Tuesday, stipulates that US$52 billion (S$71.2 billion) will be used to subsidise semiconductor manufacturing in the US, and a record sum of nearly US$170 billion will be set aside to fund research and development (R&D).
“Industrial policy is now a tool to protect US national security interests. Legislators have realised that technology is at the core of strategic competition with China, and given how rapidly it evolves, supporting innovation is key to America’s success,” said Centre for a New American Security associate fellow Alexandra Seymour.
Indiana University Bloomington political scientist Sarah Bauerle Danzman similarly argued in a Washington Post commentary on Tuesday that the Bill “signals how Washington is rethinking the government’s role in industry, in response to re-emerging great power competition and the fragilities of globalised production networks”.
This story is from the August 11, 2022 edition of The Straits Times.
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This story is from the August 11, 2022 edition of The Straits Times.
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