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The House of Representatives has approved the Chips Bill, which will provide $5.2 billion in incentives to companies setting up semiconductor chip factories in the United States.
The US has taken this step to avoid dependence on Taiwan and China for its chip needs. Speaking about this, Minister of Commerce Gina Raimondo said that a huge amount is being spent to promote the chip manufacturing industry considering national security.
Industry experts say it will take tens of billions of dollars and a few decades to reverse Asia’s dependence on chip manufacturing.