US bars ‘advanced tech’ firms from building China factories for 10 years
The Biden administration has stated that US tech companies that receive federal money will be prohibited for ten years from constructing “advanced technology” facilities in China.
The policies were revealed as part of a $50 billion (£43 billion) initiative to expand the domestic semiconductor industry.Information Guide Nigeria
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaIt occurs at a time when industry associations have lobbied for further government assistance in an effort to lessen reliance on China.
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They are faced with a global microchip shortage which has slowed production.
“We’re going to be implementing the guardrails to ensure those who receive CHIPS funds cannot compromise national security… they’re not allowed to use this money to invest in China, they can’t develop leading-edge technologies in China…. for a period of ten years,” according to US Commerce Secretary Gina Raimondo., explaining the US Chips and Science Act.
“Companies who receive the money can only expand their mature node factories in China to serve the Chinese market.”JAMB Result
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