Commerce Secretary Gina Raimondo spoke at the Semafor World Economy Summit 2024 on the role of her institution going forward. Secretary Raimondo spoke highly of Biden’s economic policy, specifically citing the Chips Act capacity to empower her Department to make significant progress in semiconductors. According to the Secretary, "America currently manufactures zero percent of leading-edge chips." Raimondo envisions twenty percent of all chips being made on American soil by 2030. She further emphasized localizing the chip ecosystem, claiming that ‘technological security is economic security, and economic security is national security’. Raimondo makes clear that her advocacy for bolstering domestic semiconductor production does not connote an inclination toward economic isolationism. On the contrary, she underscored the need for continued engagement with international trade partners, including China, while cautioning against overr...
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