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U.S. President Biden visits Saudi Arabia

The White House said on Wednesday that President Joe Biden will sign a bill next Tuesday to subsidize the U.S. semiconductor industry and boost its competitiveness against China.

The legislation aims to alleviate a persistent shortage that has affected everything from cars to weapons to washing machines to video games. As the shortage continues to affect automakers, thousands of cars and trucks remain parked in southeast Michigan.

The bill provides about $52 billion in government subsidies for semiconductor research and U.S. production. A $24 billion investment tax credit is also included.

“The bill will supercharge our efforts to make semiconductors here in America,” Biden said Tuesday.

To compete better with China, the legislation authorizes $200 billion over 10 years to boost U.S. scientific research. Those investments would still require separate appropriations legislation from Congress.

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