$280 billion US CHIPS Act:
US President Joe Biden has signed the $280 billion CHIPS Act To Boost US Over China.
The bill aims to promote high-tech manufacturing in the US, which will give the country a competitive edge over China.
This bill has the support of both the major political parties of America. This bill has been named the Chips Bill.
Biden released the new law in the presence of lawmakers, federal officials, and local leaders at a Rose Garden ceremony on Tuesday.
The White House said the new law would encourage investment in the semiconductor industry at the local level.
The US CHIPS Act of $280 billion will reduce America's dependence on imports for this vital component.
Biden said on Friday, "We're going to invest in America for this... we're going to make it in America.
The US President said that we in America are going to win the economic competition of the 21st century.
At this time, America is constantly competing with China in the field of manufacturing and chip technology.