The US Secretary of Commerce, Gina Raimondo warned on Wednesday that the current reliance on overseas computer chip manufacturing from Taiwan puts the country at risk of a recession if supplies are cut off..
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“Though many computer chips are designed in the United States by companies like Intel, the location of manufacturing is just as important“.
“If you allow yourself to think about a scenario where the United States no longer has access to chips that are currently made in Taiwan is a scary scenario“.
“It is a deep and immediate recession. It is an inability to protect ourselves by manufacturing military equipment. We need to make this in America. We need a manufacturing base that produces these chips, at least enough of these chips, here on our shores because otherwise we will be too dependent on other countries.”
“The more than $50 billion of the CHIPS Act would help subsidize the creation of semiconductor manufacturing plants in the United States“.
Source: Fx Street
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