(CNN)President Joe Biden on Tuesday signed into law a bill aimed
at boosting American chip manufacturing as he kicked off a
victory lap to celebrate a string of wins in Washington.
The CHIPS and Science Act will invest more than $200 billion
over the next five years in a bid to help the US regain a
leading position in semiconductor chip manufacturing. It is
aimed at countering China's growing economic influence, lowering
the cost of goods, making the US less reliant on foreign
manufacturing and mitigating supply chain disruptions in the
wake of the Covid-19 pandemic.
Biden on Tuesday described the law as a "once-in-a-generation
investment in America itself."
The US sent chip manufacturing to China for a reason, Joe. It
creates a lot of poisonous industrial waste.