A law committing $280bn (£232bn) to high-tech manufacturing and scientific research has been signed by US President Joe Biden amid fears the country iS losing its technological edge to China, on Tuesday, 9 August, per BBC. The investments include tax breaks for companies that build computer chip manufacturing plants in the US. Business groups have long pushed for more government support, aiming to reduce reliance on China. A global shortage of microchips increased tipped towards making this call.

The Chips and Science Act, which includes a package of $52 billion, aims to promote the manufacture of microchips domestically, as per AFP. Top Senate Democrat Chuck Schumer said the bill was a "game changer" that would ensure American leadership and prosperity in the next century. "Authoritarians were cheering for us to lose and hoping we sit on our hands," he said. "By enacting the CHIPS and Science Act we are making clear we believe another great American century lies on the horizon."

Biden called it a "once in a generation" investment and said it was already yielding growth in the US, pointing to plans from Micron to spend $40bn on memory chip manufacturing, a project expected to create 40,000 jobs.

"Today, I sign into law the CHIPS and Science Act. It’s a once-in-a-generation law that invests in America by supercharging our efforts to make semiconductors here at home. Today represents a more secure economy, jobs, and a stronger future for our nation. America is delivering," Biden said.

The US currently produces roughly 10% of the global supply of semiconductors, which are key to everything from cars to mobile phones, down from nearly 40% in 1990. Not only US, but the European Union this spring said it would commit more than €40bn toA boost the production of computer chips, whereas, China is also focusing on boosting its investments in science and technology.

On the other hand, the Chinese Embassy in Washington had opposed the semiconductor bill, calling it reminiscent of a "Cold War mentality." In addition to the chip investments, the bill directs about $200bn to agencies such as the National Science Foundation, aiming to boost investments in fields like robotics and wireless communications.

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