{"id":1982015,"date":"2023-07-25T10:04:02","date_gmt":"2023-07-25T14:04:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-union-approves-47-5b-chips-act-to-answer-us-semiconductor-subsidies\/"},"modified":"2023-07-25T10:06:50","modified_gmt":"2023-07-25T14:06:50","slug":"european-union-approves-47-5b-chips-act-to-answer-us-semiconductor-subsidies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-union-approves-47-5b-chips-act-to-answer-us-semiconductor-subsidies\/","title":{"rendered":"EU approves $47.5B Chips Act in response to US semiconductor subsidies."},"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%2Feuropean-union-approves-47-5b-chips-act-to-answer-us-semiconductor-subsidies%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=1982015&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--><h2>The European Union Approves \u2063Major Subsidies for Semiconductor Chip Production<\/h2>\n<p>The \u200bEuropean Union has taken a \u2063significant step in the race to\u200b build up domestic technology industries by approving major \u200csubsidies for\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-union-approves-47-5b-chips-act-to-answer-us-semiconductor-subsidies\/\" title=\"EU approves .5B Chips Act in response to US semiconductor subsidies.\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-democrats-unveil-bill-to-bolster-competitiveness-against-china-but-disagreements-remain\/\" title=\"House Democrats Unveil Bill To Bolster Competitiveness Against China, But Disagreements Remain\">semiconductor <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-military-jets-repeatedly-fly-into-taiwans-air-defense-zone-since-bidens-afghanistan-withdrawal-report\/\" title=\"China\u2019s Military Jets Repeatedly Fly Into Taiwan\u2019s Air Defense Zone Since Biden\u2019s Afghanistan Withdrawal: Report\">chip production<\/a><\/a>\u200b capabilities<\/a>. The Chips Act, which received final \u200capproval from the European Council,\u200b will provide\u2064 43 billion euros ($47.5 billion)\u200c in private and public investments \u2064to \u200dexpand chip factories in\u2063 Europe.<\/p>\n<p>The goal of the new program is to double \u200bthe EU&#8217;s global share of chip production from 10% \u200cto 20% by 2030. This move comes a year after the United States passed its own CHIPS Act, aiming to \u200cenhance its chip \u200bproduction capabilities.<\/p>\n<h3>Europe&#8217;s Leap Forward in Semiconductors<\/h3>\n<blockquote><p>&#8220;With the Chips Act, Europe will \u2062be a frontrunner in the world semiconductors race,&#8221; said Hector\u200d Gomez Hernandez, Spain&#8217;s minister \u2064for industry, trade, and \u2062tourism. \u2063&#8221;We can already\u2064 see it in\u2064 action: new production plants, \u2063new investments, new research projects. And in the long run, this will also contribute \u200dto the renaissance of our industry and\u200b the reduction of our foreign dependencies.&#8221;<\/p><\/blockquote>\n<p>The Chips Act is now considered adopted and \u2062will be\u200b signed by the presidents of the European Parliament and the European Council.\u200d It \u2064will\u2064 then be published in the Official \u200bJournal of the European\u2063 Union.<\/p>\n<p>The CHIPS Act,\u200c enacted in the United States\u2062 last year, \u200dprovides $52 billion\u2063 in subsidies to encourage the development of domestic chipmakers and suppliers. \u2064President Joe Biden has hailed\u2063 this law as crucial to reviving domestic manufacturing. However, the White House\u200b has faced challenges, including delays \u200bin the launch of a new semiconductor factory in \u200bArizona due to a worker shortage.<\/p>\n<p>The\u200c CHIPS Act was primarily passed to reduce the U.S.&#8217;s reliance on\u2062 China and\u200b Taiwan for \u2063key technologies. It is part of an\u200c escalating tech war between the two countries,\u200b with China restricting the export \u2062of certain metals necessary \u200dfor semiconductor production, leading to increased costs.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\">CLICK \u200bHERE TO READ \u200bMORE\u200d FROM THE WASHINGTON EXAMINER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EU greenlit substantial subsidies for chip production to rival the US and China in developing local tech industries. The Chips Act was approved by the European Council, marking the last hurdle for its enactment. The legislation will allocate \u20ac43 billion ($47.5 billion) to support this endeavor.<\/p>\n","protected":false},"author":1,"featured_media":1982016,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1982015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1982015","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=1982015"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1982015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1982016"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1982015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1982015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1982015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}