Biden signs the $280 billion CHIPS and SCIENCE Act

Today, America is delivering,” Biden said at a White House signing ceremony on Tuesday

The Chips and Science Act is a generational investment in America.

The bilateral agreement comes amid an ongoing global semiconductor shortage to revive American innovation in opposition to growing Chinese technological dominance.

Intel to meet the growing demand for technology products like laptops and smartphones worldwide.

The shortage has become an incentive for manufacturers to invest in new plants.

But U.S. officials fear that chipmakers will continue to offshore new foundries to China without government intervention.

Leaving little room for the US to profit from an industry it has pioneered for decades

Late last month, the House and Senate approved the CHIPs and Science Act after nearly two years of negotiations and political infighting.

Among its investments in American scientific research, this includes $52 billion in subsidies to encourage chipmakers to build semiconductor fabrication plants.