The daily business briefing: August 10, 2022

Biden signs bill seeking to boost U.S. chip production, Ford says it will start taking F-150 Lightning orders again with a price hike, and more

Joe Biden
(Image credit: Nicholas Kamm/AFP/Getty Images)

1. Biden signs bill to boost U.S. semiconductor chip production

President Biden on Tuesday signed the CHIPS and Science Act, which seeks to boost U.S. semiconductor chip manufacturing with more than $200 billion in investments over five years. The legislation aims to lower the cost of goods and make the U.S. less dependent on foreign chip makers, which could ease supply-chain disruptions like those triggered by the coronavirus pandemic. Biden called the bipartisan measure a "once-in-a-generation investment in America itself." The White House said earlier this week that companies had committed to nearly $50 billion in new investments in American semiconductor production in response to Congress' recent approval of the bill.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.