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In a recent interview with CNBC’s Jim Cramer, U.S. Secretary of Commerce Gina Raimondo emphasized the need for increasing domestic chip production. She highlighted President Biden’s commitment to this issue and the importance of implementing serious solutions, such as the CHIPS act. This legislation aims to incentivize semiconductor companies to manufacture their products in the United States, with major recipients including Intel, Micron, Samsung, and Taiwan Semiconductor.
Raimondo pointed out that over 90% of the U.S.’s graphics chips are currently manufactured in Taiwan, posing a significant risk to national security. She stressed the urgency of reducing this dependency and increasing domestic production to mitigate vulnerabilities. While the goal of having 20% of chips made domestically by 2030 is ambitious, Raimondo expressed confidence in the country’s progress towards achieving it.
Furthermore, Raimondo challenged the notion that foreign countries like Taiwan took manufacturing jobs away from the U.S., arguing that American corporations made those decisions in pursuit of short-term profits. She emphasized the need for a balanced approach that considers both economic incentives and national security interests.
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