“This bill will lower the cost of everyday goods, strengthen American manufacturing and innovation, create good-paying jobs, and bolster our economic and national security,” the White House said in a release.
The $280 billion industrial policy bill includes more than $52 billion in subsidies for US semiconductor manufacturers in an effort to counter China's technological prowess.
Lawmakers passed the legislation in late July amid a global semiconductor shortage linked to the disruption of supply chains by the COVID-19 pandemic measures and sanctions, among other factors. The shortage has affected several economic sectors particularly hard, including the automotive, electronics and energy industries.