Australia markets closed
  • ALL ORDS

    7,067.90
    +58.00 (+0.83%)
     
  • AUD/USD

    0.7818
    -0.0001 (-0.02%)
     
  • ASX 200

    6,818.00
    +55.70 (+0.82%)
     
  • OIL

    60.68
    +0.93 (+1.56%)
     
  • GOLD

    1,722.80
    -10.80 (-0.62%)
     
  • BTC-AUD

    66,704.30
    +3,574.41 (+5.66%)
     
  • CMC Crypto 200

    1,042.67
    +54.57 (+5.52%)
     

Joe Biden will tackle global chip shortage with executive order

Karissa Bell
·Senior Editor
·1-min read

The Biden administration is planning “aggressive steps” to alleviate the global semiconductor shortage, Bloomberg reports. The chip shortage has impacted the auto industry and contributed to the scarcity of next-generation gaming consoles.

President Biden “is expected to sign an executive order directing a government-wide supply chain review for critical goods in the coming weeks, with the chip shortage a central concern behind the probe,” the report says. Among the administration's priorities: “identifying choke points in supply chains” to ease current shortages.

In the longer term, the White House may also create new incentives to bring chip manufacturing into the United States, according to CNBC. The top executives of chip makers, including Intel and Qualcomm, have urged the Biden administration to fund such initiatives, though it’s not clear exactly what form the incentives could take.