Biden announces another huge deal with Taiwan-based semiconductor manufacturer; how will it benefit US?
Hindustan TimesAmid escalating tension between China and the US, President Joe Biden announced a multi-million-dollar deal with a Taiwan-based semiconductor manufacturer to bolster America's chip manufacturing. Biden hails historic progress as TSMC set to build third chip factory in Phoenix In addition to allowing a third chip facility in Phoenix, the investment will "support the manufacturing of leading-edge semiconductor manufacturing facilities right here in the United States," according to a statement from Biden. Recalling his visit to TSMC’s first new fab in Phoenix around 1.5 year ago, Biden said the agreement also includes $50 million for workforce development and training, “TSMC’s renewed commitment to the United States, and its investment in Arizona represent a broader story for semiconductor manufacturing that’s made in America and with the strong support of America’s leading technology firms to build the products we rely on every day.” By 2030, the United States will be able to generate 20 percent of the world's highly advanced semiconductors with the help of these facilities. Know about TMC and how new deal will benefit United States Meanwhile, Biden's chief economic adviser Lael Brainard hailed the deal as "a new chapter for America's semiconductor industry."