Gina Raimondo Highlights Urgency of U.S. Chip Manufacturing in CNBC Interview

In a recent interview with CNBC, U.S. Secretary of Commerce Gina Raimondo emphasized the critical need for domestic semiconductor production, asserting that the United States is on track to achieve its goal of manufacturing 20% of chips domestically by 2030. Raimondo highlighted the Biden Administration's commitment to this initiative through the CHIPS Act, which allocates billions to incentivize companies like Intel, Micron, Samsung, and Taiwan Semiconductor to produce chips in the U.S. Raimondo expressed concern over the current reliance on Taiwan for over 90% of the U.S.'s graphics chips, which are essential for various technologies, including electronics and military equipment. She described this dependency as "untenable" and "unsafe," urging the need for the U.S. to reduce its vulnerability in the semiconductor supply chain. While acknowledging that some chip production will always occur in Taiwan, she stressed the importance of bolstering domestic manufacturing capabilities. The Secretary characterized the goal of increasing domestic chip production as "audacious" but insisted that the country is making significant progress. She also addressed misconceptions regarding job losses to foreign countries, clarifying that American corporations made strategic decisions to move operations overseas in search of lower costs and higher profits. Raimondo concluded by underscoring the necessity of viewing manufacturing through the lens of national security, stating that the focus should not solely be on short-term profits but also on safeguarding the country's technological and economic future.