CHIPping Away At the Future? New American legislation more likely to damage than benefit semiconductor industry

On August 9, U.S. President Joe Biden signed into law the CHIPS and Science Act of 2022, a bill including $52 billion in grants and incentives to revive domestic semiconductor manufacturing. The act stipulates “companies accepting the subsidies will be restricted from expanding their chipmaking capacity in China or any other foreign country of concern for 10 years.”