Biden touts economic agenda on first anniversary of CHIPs and Science Act

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President Joe Biden highlighted his administration's economic policies in a speech Wednesday one year after the enactment of the CHIPs and Science Act. The legislation, signed into law Aug. 9, 2022, aimed to bolster semiconductor manufacturing in the U.S. and counter China's economic influence. It made nearly $53 billion in investments in U.S. semiconductor manufacturing, research and development, according to the White House. "We made them more sophisticated," Biden said of America's impact on semiconductors. "But over time, we went from producing nearly 40% of those chips — the world's chips — down to 10%. That's why I designated and I signed, and I insisted that it be written and passed, the CHIPs and Science Act." Taiwan makes 60% of the world's semiconductors, according to a 2021 report from the Boston Consulting Group, but it faces threats from China, which claims the self-ruling island as its own. Joe Biden speaks before signing the CHIPS and Science Act of 2022 during a ceremony on the South Lawn of the White House on Aug. 9, 2022. Chip Somodevilla / Getty Images The president's speech echoed similar themes from previous "Bidenomics" speeches. He reiterated praise for unions — saying that "unions built the middle class" — and emphasized his administration's role in working to bolster domestic manufacturing and investments. "Instead of exporting American jobs, we're creating American jobs and we're exporting American products," Biden said to applause. The president's remarks took place in Albuquerque, New Mexico, during a three-state swing in the Southwest. He arrived in New Mexico from Arizona on Tuesday, and he plans to depart for Utah after Wednesday's speech. The trip is part of a lead-up to the anniversary of the Inflation Reduction Act, signed into law on Aug. 16, 2022. Senior administration officials blitzed across the country this week to tout aspects of the president's signature pieces of legislation. On Tuesday in Arizona, Biden announced a new national monument near the Grand Canyon. The monument encompasses nearly 1 million acres of land, according to the White House. Biden said that beyond conserving and protecting ancestral places significant to Indigenous people, the monument would also help grow the area's tourism economy. After he arrived in New Mexico, the president attended a fundraiser, where he said he would soon travel to Vietnam. The White House had not previously announced the trip. Biden won New Mexico in 2020 with 54.3% of the vote. His margin in Arizona was far slimmer, just over 10,000 votes. Utah went to Donald Trump, with 58.1% of the vote.