U.S. VP Harris says Japan is 'critical' for chip diversification

TOKYO -- U.S. Vice President Kamala Harris on Wednesday briefed Japanese semiconductor executives about a new initiative that will provide hefty subsidies to chip companies that invest in the U.S.

Washington is eager to diversify the chip supply chain, amid concerns over tensions between China and Taiwan. Much of the world's chipmaking capacity is concentrated on the self-governing island, which China claims as its own. After more than a year of debate, the U.S. this summer passed the CHIPS and Science Act, which includes $52 billion in support for the semiconductor industry.