U.S. President Joe Biden has signed a multi-billion dollar spending bill aimed at boosting America's technological competitiveness against China.
It will see the investment of huge sums of money in the domestic manufacturing of semiconductors and related scientific research.
Kim Hyo-sun has more.
President Joe Biden has signed a landmark bill into law aimed at providing 52.7 billion U.S. dollars in subsidies for U.S. semiconductor manufacture and research.
Calling the bill "a once-in-a-generation investment in America," Biden stressed during the signing ceremony Tuesday that the future is now going to be made in America.
"We are the United States of America, a singular place of possibilities. I'm now going to go sign the Chips and Science Act, and once again I promise you, we're leading the world again for the next decades."
The Biden administration underscored that the legislation, which is now called the Chips and Science Act, is critical for U.S. national security in competing with China, as well as reducing America's dependence on Taiwan and South Korea for critical technologies.
The legislation also provides a 25 percent investment tax credit for chip facilities.
The U.S. Commerce Department has yet to establish guidelines for evaluating grant applications, and it's unclear when projects will be financed.
The White House explained Tuesday that numerous companies, spurred by the bill, have already announced over 44 billion dollars in new semiconductor manufacturing investments.
Meanwhile, Beijing opposed the bill.
The Chinese embassy in Washington expressed Beijing's firm disapproval of the bill, describing it as (quote) "reminiscent of a Cold War mentality."
Kim Hyo-sun, Arirang News.