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White House warns of ‘escalating weakness’ for US semiconductor failure

The President of the United States, Joe Biden, carrying a semiconductor chip speaking before signing a memorandum of understanding, aimed at addressing the global shortage of semiconductor chip, in the State Dining Room at White House in Washington, US, February 24, 2021. REUTERS / Jonathan Ernst

WASHINGTON, Apr 6 (Reuters) – The White House held a special meeting Wednesday with other US lawmakers on the US economic crisis over the crisis in the central bank supply chain, which is pushing $ 52 billion to help build.

White House National Economic Council president Brian Deese told reporters “it is best to estimate the lack of existing semiconductors together that took a full share from GDP in 2021.”

The brief included Commerce Secretary Gina Raimondo, Deputy Secretary of Defense Kathleen Hicks, National Security Advisor Jake Sullivan to “discuss the urgency of investing in state-of-the-art semiconductors as well as a successful development that protects our economy and national security,” the White House said.

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The ever-increasing industry shortage has disrupted production in the automotive and electronics industries, forcing some firms to restrict production. To see also : Will Intel save Europe’s struggling semiconductor industry?. There have been growing phones to reduce international dependence on semiconductors.

“Significant disruptions to our supply of semiconductors could result in historical damage to the US economy – more devastating than the loss of a chip in the U.S. automotive industry right now – and affect our professional competence and military capabilities against opponents around the world,” the White House said.

The White House has been pressuring Congress to approve

US support for the production of semiconductor chips after months of negotiations.

The Senate began approving $ 55 billion in chips in June which also allowed $ 499 billion to strengthen US technology and competitiveness with China, while the House of Representatives approved its translation in early February. Mr Deese said he hoped the Senate and House of Representatives would meet this week to “as soon as possible” to begin plans to finalize the agreement.

“The risks are huge,” Deese said of what the US economy would face in the worst case scenario. Deese said “economic downturn with competitors is crucial – especially China’s rotation and instability is increasing the level we have from the issue of semiconductor.”

A study of the Commerce department that developed a summary observed by Reuters observed semiconductor fabrics that take years to build.

“There is no immediate response to the crisis,” he said, adding that independent investment in U.S. chips production is inadequate and “will not be enough to mitigate the risks associated with the instability of the US supply chain.”

These bills take different approaches to regulating US-China competition on a wide range of issues, as well as trade and other climate change.

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The Biden management notes that the United States created about 40 percent of all chips in 1990 while today only 12% of global production. This may interest you : 3 semiconductor stocks that you will regret not buying.

Quoted by David Shepardson;

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