CHIPS ON RED: Beijing looks to heavily curtail US attempts to weaken a crucial market in China
Reports earlier this month also suggested that Apple, which has long relied on manufacturing in China, would also be diversifying it production line by expanding its output in the South Asian market in countries like India and Vietnam. , when supply chain snafus, particularly in semiconductor production, drastically drove up prices of electronics ranging from toasters to cars.
The package would largely assist companies by subsidizing the purchase of Chinese semiconductor equipment or plants. In a major push to cut U.S. reliance on overseas chip production, President Biden in August signed a $52.7 billion bill to fund U.S. semiconductor research and production through grants.
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