{"id":1559565,"date":"2022-07-18T14:04:37","date_gmt":"2022-07-18T18:04:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1559565"},"modified":"2022-07-18T14:04:40","modified_gmt":"2022-07-18T18:04:40","slug":"yellen-pushes-to-end-american-dependence-on-china-for-computer-chips","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-pushes-to-end-american-dependence-on-china-for-computer-chips\/","title":{"rendered":"Yellen Pushes To End American Dependence On China For Computer Chips"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-pushes-to-end-american-dependence-on-china-for-computer-chips%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1559565&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Treasury Secretary <a href=\"http:\/\/dailywire.com\/topic\/janet-yellen\">Janet Yellen<\/a> said on Monday that she is working to reduce American dependence on the <a href=\"http:\/\/dailywire.com\/topic\/china\">Chinese<\/a> <a href=\"http:\/\/dailywire.com\/topic\/supply-chain\">supply chain<\/a> for semiconductors.<\/p>\n<p>Yellen is meeting with Asian allies in an effort to \u201cfriend-shore\u201d trade ties with trusted <a href=\"http:\/\/dailywire.com\/topic\/economy\">economic<\/a> partners, according to <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-wants-end-dependence-china-rare-earths-yellen-2022-07-18\/\">Reuters<\/a>. In an interview with the outlet, Yellen said that the U.S. has \u201creal concerns with respect to China\u201d and its willingness to threaten exports of manufactured goods bound for other countries.<\/p>\n<p>\u201cResilient supply chains mean a diversity of sources of supply and eliminating to the extent we can the possibility that geopolitical rivals will be able to manipulate us and threaten our security,\u201d Yellen explained. Although U.S.-China trade relations are not \u201ctotally negative or escalating into tremendously hostile territory,\u201d Yellen noted that the communist nation has \u201cused coercion to pressure a number of countries whose behavior they have disapproved of\u201d \u2014 including Japan, Australia, and Lithuania.<\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/topic\/taiwan\">Taiwan<\/a>, China, <a href=\"https:\/\/www.dailywire.com\/topic\/south-korea\">South Korea<\/a>, and <a href=\"https:\/\/www.dailywire.com\/topic\/japan\">Japan<\/a> maintain nearly 80% of global semiconductor manufacturing capacity, according to the <a href=\"https:\/\/www.brookings.edu\/blog\/order-from-chaos\/2022\/04\/12\/ensuring-a-stronger-us-taiwan-tech-supply-chain-partnership\/\">Brookings Institution<\/a>, with Taiwanese companies like TSMC producing over 90% of cutting-edge chips smaller than 10 nanometers \u2014 the class of chips used in cell phones and computers.<\/p>\n<p>Yellen \u2014 who plans to tour facilities run by South Korean consumer electronics company LG during her visit \u2014 remarked that the nation has \u201ctremendous strengths in terms of resources, technology, abilities\u201d and a \u201csubstantial capacity to produce advanced semiconductors.\u201d<\/p>\n<p>Many Asian economies enacted harsh lockdown measures in response to COVID, causing bottlenecks in the global semiconductor supply chain. Some automotive companies, for example, have been forced to limit or pause production, worsening inflationary pressures as vehicle prices <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-products-making-your-wallet-lighter-as-inflation-hits-new-highs\">surge<\/a> at the highest rate in decades. According to the most recent Consumer Price Index (CPI) report from the U.S. <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">Bureau of Labor Statistics<\/a>, new and used vehicles are 11.4% and 7.1% <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-products-making-your-wallet-lighter-as-inflation-hits-new-highs\">more expensive<\/a> since June 2022, respectively.<\/p>\n<p>Lawmakers have <a href=\"https:\/\/www.dailywire.com\/news\/plans-for-new-semiconductor-factories-across-america-hit-major-roadblock\">proposed<\/a> the $52 billion CHIPS for America Act \u2014 but because the funding has not yet reached chipmakers, companies such as Intel, TSMC, and GlobalFoundries recently issued \u201cpublic warnings\u201d that they might \u201cscale back their plans to make semiconductors\u201d in the United States, according to the U.S. <a href=\"https:\/\/www.commerce.gov\/news\/press-releases\/2022\/06\/icymi-three-companies-warn-about-delayed-chip-funding-globalwafers\">Department of Commerce<\/a>.<\/p>\n<p>Intel CEO Pat Gelsinger said at a recent panel event that his firm could increase chip production in Europe due to legislative delays in the U.S. \u201cThe rest of the world is moving rapidly despite the inability of Congress to get this finished,\u201d he remarked, noting that Asian countries are also passing new incentives.<\/p>\n<p>The U.S. <a href=\"https:\/\/www.dailywire.com\/news\/onshoring-semiconductor-capacity-is-crucial-to-national-security\">represents<\/a> 12% of global semiconductor manufacturing and 25% of global semiconductor demand, according to Radford University management professor Zachary Collier.<\/p>\n<p>In reaction to high inflation, National Economic Council Director Brian Deese <a href=\"https:\/\/www.dailywire.com\/news\/top-biden-adviser-called-out-for-saying-more-spending-will-finally-stop-inflation\">said<\/a> on CNBC last week that the U.S. can address the cost pressures by passing new incentives for the semiconductor industry. Yet the official was pressed on the notion that higher spending is a sustainable answer to the record inflation, which follows $6 trillion in <a href=\"https:\/\/www.dailywire.com\/news\/with-6-trillion-in-covid-relief-the-government-could-have-given-every-taxpayer-41000\">federal stimulus packages<\/a> enacted in response to COVID.<\/p>\n<p>\u201cI think you have to look at the unique situation that we\u2019re in as an economy and think about how do we build more supply, how do we increase the productive capacity of our economy, so that we actually can supply more goods, bring prices down,\u201d said Deese, who formerly worked as a senior adviser to President Barack Obama. \u201cWe know the answer on semiconductors exactly. We need more supply of those goods.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen said on Monday that she is working to reduce American dependence on the Chinese supply chain for semiconductors. Yellen is meeting with Asian allies in an effort to \u201cfriend-shore\u201d trade ties with trusted economic partners, according to Reuters. In an interview with the outlet, Yellen said that the U.S. has \u201creal &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1574271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1559565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1559565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1559565"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1559565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1574271"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1559565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1559565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1559565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}