$280 billion US CHIPS Act:

The bill aims to promote high-tech manufacturing in the US, which will give the country a competitive edge over China.

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This bill has the support of both the major political parties of America. This bill has been named the Chips Bill.

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Biden released the new law in the presence of lawmakers, federal officials, and local leaders at a Rose Garden ceremony on Tuesday.

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The White House said the new law would encourage investment in the semiconductor industry at the local level.

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The US CHIPS Act of $280 billion will reduce America's dependence on imports for this vital component.

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Biden said on Friday, "We're going to invest in America for this... we're going to make it in America.

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The US President said that we in America are going to win the economic competition of the 21st century.

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At this time, America is constantly competing with China in the field of manufacturing and chip technology.

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