September 30, 2022

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 with CNBC’s Mad Money, Raimondo said the global chip scarcity that has rocked a number of industries shows the need for America to increase domestic manufacturing capacity and become a leader again. Asian countries, especially Taiwan, dominate the industry.

“We’ll make it. There’s no option,” Raimondo told host 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, DN.Y, put together the U.S. Innovation and Competition Act of 2021, which, among other things, aims to 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 addressed the possible infrastructure proposal that a group of Senate Republicans would like to offer as an antidote to President Joe Biden’s plan. Raimondo 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.