The New CHIPS Bill Raises More Questions Than it Answers for the US

Last week, the US Senate decided to advance a bill to promote and support semiconductor chip manufacturing in the country. The bill, known as the CHIPS Act, is an extension to the previous year’s legislation passed by the Senate which approved a $250 billion bill to reinforce US chip-making to compete with the growing clout of China. But how much can the CHIPS Act achieve the goals and objectives that the US government intends to? Will there be any unintended consequences and unfavourable effects that might arise from the Act itself?