Among the various supply lines that have been pushed to the brink in 2022, semiconductor chip supplies are among the most consequential. This technology is necessary for objects like microwaves and ovens but also computers, cars, and even military equipment. 75% of global computer chips are made in East Asia, with almost all advanced computer chips originating in Taiwan.
Luckily, Congress has stepped in. President Biden will soon sign the bipartisan CHIPS and Science Act. The bill will provide $52 billion to chip makers and their subcontractors to move their production to American soil. The technology behind these chips was originally developed in the US, but cost-cutting companies quickly moved production outside of the country. The bill will further research efforts and likely also work to combat inflation.