LIVE: Biden speaks on economy at campaign event in Union Station, Washington, DC

President Joe Biden is set to deliver remarks on the economy during a campaign event at Union Station in Washington, DC on Tuesday, with the event scheduled to begin at 12:35 p.m. ET. The Biden administration has pledged up to $6.6 billion to help a Taiwanese semiconductor giant expand its facilities in Arizona, ensuring the production of the most advanced microchips domestically for the first time.

This funding is connected to the CHIPS and Science Act, a $280 billion package aimed at reviving U.S. semiconductor manufacturing. President Biden has praised this law, which seeks to bolster U.S. military technology and manufacturing capabilities while addressing supply chain disruptions experienced during the pandemic in 2021. A shortage of chips caused delays in factory assembly lines and contributed to inflation.

In an effort to reduce reliance on Asian suppliers – seen as a security vulnerability – the Biden administration has committed billions of dollars to support the construction of U.S. chip foundries. This initiative is part of a broader strategy to enhance domestic semiconductor production and strengthen the country’s competitiveness in critical technological fields.

By Samantha Robertson

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