U.S. Secretary of Commerce Champions Bold Initiative to Boost Domestic Chip Production and Secure Future

In a Thursday interview with CNBC’s Jim Cramer, U.S. Secretary of Commerce Gina Raimondo emphasized the urgency of bolstering domestic chip production to reduce dependence on foreign manufacturing. She reiterated that the U.S. aims to manufacture 20% of its chips domestically by 2030, a goal set by President Biden. Raimondo underscored the need for serious solutions, noting this was the motivation behind the CHIPS Act, which allocates billions to companies like Intel, Micron, Samsung, and Taiwan Semiconductor to build facilities in the U.S.

Currently, over 90% of the U.S.’s graphics chips are made in Taiwan, a situation Raimondo described as “untenable” and “unsafe.” She stressed that while Taiwan will continue to manufacture chips, the U.S. must mitigate its vulnerability. She also clarified that the outsourcing of manufacturing wasn’t due to foreign nations taking jobs but resulted from American companies seeking cheaper labor and higher profits. Raimondo concluded by highlighting the importance of considering national security alongside economic gains.

Original Story https://www.cnbc.com/2024/07/25/us-secretary-of-commerce-talks-domestic-chip-production.html
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