US and EU should avoid race for semiconductor subsidies, EU competition commissioner says

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The United States and the European Union must avoid a subsidy race as governments rush to support semiconductor manufacturing amid a global chip shortage. This was announced on Friday by EU competition commissioner Margrethe Vestager.

US and EU should avoid race for semiconductor subsidies, EU competition commissioner says

“We really need to avoid a subsidy race, a race that will make everyone poorer,” Vestager said at the University of Leuven. She warned that taxpayers would have to finance the race.

“Under the current circumstances, it may be too difficult for companies to resist the temptation to pit governments against each other by probing the waters to see who pays more – the risk, of course, is that taxpayers, whether European or American, will have to pay. perhaps they will get very little from these investments, ”the source quoted the Commissioner as saying.

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