President Joe Biden will travel to upstate New York on Thursday to tour a semiconductor facility and promote his administration’s efforts to bring chip manufacturing back to America.
Ahead of the trip, the Commerce Department announced that it had reached a preliminary agreement with Micron, an American memory chipmaker.
According to the deal, the company will receive $6.14 billion in direct funding through the CHIPS and Science Act, which was signed into law by President Biden in 2022.
Besides the grant, the company will be eligible to receive up to $7.5 billion in loans as part of the incentive package to boost domestic chip manufacturing.
Senate Majority Leader Chuck Schumer (D-N.Y.) praised the deal, stating that “the future will be built in Syracuse, New York, not in Shanghai, China.”
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Biden to Visit Syracuse to Tout New Investment in Chip Manufacturing
- by: Emel Akan
- 2024-04-25
- Source:
The Epoch Times
- 04/25/2024
P20210427CS-0668 by The White House is licensed under flickr United States government work
P20210427CS-0668 by The White House is licensed under flickr United States government work
