U.S. at ‘inflection point’ of semiconductor chip shortage

U.S. Commerce Secretary Gina Raimondo will urge Congress to pass $52 billion in funding to boost domestic production of the crucial component and tout the administration's efforts to ease the supply chain strain.

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National News

November 30, 2021 - 9:47 AM

U.S. Commerce Secretary Gina Raimondo, shown here in 2015, will urge Congress to pass $52 billion in funding to boost domestic production of the crucial component and tout the administration's efforts to ease the supply chain strain. Photo by (Paul Morigi/Fortune/Time Inc./Getty Images/TNS)

Commerce Secretary Gina Raimondo says it’s time to get “serious” about reviving semiconductor chip production in the United States as the global auto industry pivots to electric vehicles. 

“Here’s the reality: We can’t wait, because the rest of the world isn’t waiting,” she said. “China, Taiwan, the EU, other countries all around the world, they are not waiting. They are incentivizing and subsidizing the production of chips right now and have been for a long time.”

The visit by Raimondo, a former governor of Rhode Island and a one-time venture capitalist, comes as the global chip shortage enters its second year, with manufacturing industry executives warning they expect supplies to continue to be constrained in the near term — perhaps even into 2023.

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