Trade Minister Gina Raimondo on Tuesday expressed confidence in the efforts of the Biden government to increase semiconductor manufacturing in the United States.
In an interview on CNBCs “Bad money,” Raimondo said the global chip shortage is that rattled a number of branches demonstrates the need for America to increase domestic manufacturing capacity and become a leader once again. Asian countries, especially Taiwanhave come to dominate the industry.
“We will do it. There is no option,” said Raimondo to the hosts Jim Cramer. “When the semiconductor supply chain is disrupted, the economy is disrupted.”
“They are in your dishwasher, your car, your computer, your headset, your phone and your military equipment. So, yes, we will do it,” she added, describing it as an economic and national safety imperative.
Senate Majority Leader Chuck Schumer, D-NY, has compiled the US Innovation and Competition Act of 2021 This would, among other things, provide $ 52 billion to support semiconductor manufacturing in the country.
While Democrats and Republicans still have disagreements over certain parts of the bill, there is bipartisan support for addressing the issues it addresses.
Raimondo said she hopes it passes the upper chamber “in the coming days,” offering an optimistic timeline similar to Schumer. “That can’t wait,” said Raimondo, who served as governor of Rhode Island before heading the commercial division.
“This requires an emergency appropriation … and I believe Congress has the will to do it,” she added.
Raimondo also spoke about the possible infrastructure proposal from a group of Senate Republicans plan to offer as a counter to President Joe Biden’s plan. Raimondo has has participated in some negotiations in Washington.
“I don’t know what’s on the deal. We’ll have to see if it’s real, but the fact that we’re still talking and they may come back with a $ 1 trillion deal is certainly progress.” said she said.