US Prez signs major semiconductors investment bill to compete against China

The Chips and Science Act includes around $52 billion to promote production of microchips, the tiny but powerful and relatively hard-to-make components at the heart of almost every modern piece of machinery.

President Joe Biden signed into law Tuesday a multibillion dollar bill boosting domestic semiconductor and other high-tech manufacturing sectors that US leaders fear are being dominated by rival China.

President Joe Biden speaks before signing the "CHIPS and Science Act of 2022" during a ceremony on the South Lawn of the White House. (AP)

The Chips and Science Act includes around $52 billion to promote production of microchips, the tiny but powerful and relatively hard-to-make components at the heart of almost every modern piece of machinery.

Biden said at the White House it will help "win the economic competition in the 21st century."