Commerce Secretary Gina Raimondo outlined the U.S. strategy behind her implementation of the government's chips strategy.

Closing Bell

Secretary Of Commerce Outlines US Strategy Behind Chips & Science Act

US Secretary of Commerce, Gina Raimondo is also talking about the U. S. Relationship with China. Today, she laid out the U. S. Strategy behind her implementation of the chips and Science Act. This act is one of the signature bipartisan laws that President biden pushed through last year. Its goal is to counter China's growing economic influence, lower the cost of goods and make the US less reliant on foreign manufacturing so that supply chain disruptions just won't be as painful as they were during the pandemic. In her comments, she made it clear that having semiconductors made in the U. S. Is vital not only to the nation's economy but also to its national security Raimondo said. Keeping the U. S. Technological edge on chips is essential to ensuring they are not used irresponsibly. Now Raimondo confirmed that the first batch of funding for commercial chips manufacturing in the U. S. Will be available next week. More money for research and development and supply chains will be made available in the coming months.