Biden Says US Chip Subsidies Not ‘Designed to Hurt China’
- Chips Act offers grants, tax credits to boost US manufacturing
- US, South Korea to increase dialogue over emerging technology
Joe Biden
Photographer: Shawn Thew/EPA/Bloomberg
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President Joe Biden defended his administration’s semiconductor subsidies, saying that they weren’t designed to hurt China but to bolster manufacturing and jobs in the US.
Asked whether measures to restrict investments in China placed US allies in a difficult spot, Biden on Wednesday said both the US and South Korea would benefit from creating more resilient supply chains.