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Biden Signs Executive Order to Address Chip Shortage


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U.S. President Joe Biden holding a semiconductor chip.

U.S. President Joe Biden Wednesday signed an executive order addressing a global chip shortage.

Credit: Reuters

On Wednesday, U.S. President Joe Biden addressed a global chip shortage with an executive order that aims to strengthen supply chains.

The order calls for a 100-day review of products such as semiconductors and advanced batteries for self-driving vehicles, to be followed by a long-term review of six sectors of the economy.

The pandemic strongly impacted the supply chain for semiconductors, and raised concerns about U.S. reliance on overseas supply chains.

Companies like Ford and General Motors (GM) expect production declines as a result of the chip shortage, although GM's Paul Jacobson suggested the worst of the shortage may already be over.

From CNBC
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