US finalizes rules to prevent China from benefiting from $52 billion in chips funding
The U.S. Commerce Department on Friday is issuing final rules to prevent semiconductor manufacturing subsidies from being used by China and other countries deemed to pose American national security concerns.
The regulation is the final hurdle before the Biden administration can begin awarding $39 billion in subsidies for semiconductor production. The landmark "Chips and Science" law provides $52.7 billion for U.S. semiconductor production, research and workforce development.
The regulation, first proposed in March, sets "guardrails" by limiting recipients of U.S. funding from investing in expanding semiconductor manufacturing in foreign countries of...