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Biden signs CHIPS Act into law as tech arms race with China heats up

U.S. bipartisan legislation devotes $52bn to domestic semiconductor manufacturing

President Joe Biden signs the CHIPS and Science Act alongside Vice President Kamala Harris and Commerce Secretary Gina Raimondo outside the White House.    © Reuters

NEW YORK -- U.S. President Joe Biden on Tuesday signed into law a spending package that allocates $52 billion to bolstering domestic chip manufacturing, finalizing what is seen as the nation's boldest industrial legislation in decades.

The passage of the CHIPS and Science Act, whose total price tag comes to $280 billion, marked a rare display of bipartisanship in Washington, with politicians on both sides of the aisle framing the bill as essential to winning the economic competition with China as well as enhancing national security.

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