The European Union approved major subsidies for semiconductor chip production capabilities to compete with the United States and China in the race to build up domestic technology industries.
The European Council approved the Chips Act on Tuesday, the final step required for the legislation's passage. The bill will provide 43 billion euros in private and public investments to expand the number of factories producing chips in Europe. The new program aims to help double the EU's global share of chip production from 10% today to 20% by 2030. The bill's passage arrived a year after the United States passed its own CHIPS Act, which also aimed to help the U.S.
The Chips Act is now considered adopted. It will be signed by the presidents of the European Parliament and the European Council, and it will then be published in the Official Journal of the European Union.The CHIPS Act enacted in the U.S. last year provides $52 billion in subsidies to encourage the development of domestic chipmakers and suppliers.
The CHIPS Act was passed in large part to ensure that the U.S. is not overly reliant on China and Taiwan for key technologies. It is part of an escalating tech war between the two countries in recent years. China has clamped down on the export of certain metals required to create semiconductors, increasing production costs in the process.
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