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U.S. VP Harris to meet with Japanese chip firms -official

U.S. VP Harris to meet with Japanese chip firms -official

© Reuters. U.S. Vice President Kamala Harris speaks to the media during her visit to Zojoji Temple on the day of the state funeral for slain former Prime Minister Shinzo Abe, in Tokyo, Japan September 27, 2022. REUTERS/Leah Millis/Pool

By Trevor Hunnicutt

TOKYO (Reuters) – Vice President Kamala Harris will meet on Wednesday in Japan with heads of semiconductor-related businesses as the Biden administration works to boost U.S. chips manufacturing, according to a senior administration official.

Harris will talk to the executives about incentives now available to invest semiconductor manufacturing within the United States following the August enactment of a law providing $52.7 billion in subsidies for the industry.

She is also expected to tout the benefits of those companies moving manufacturing hubs away from a dependence on single, low-cost countries like China to prevent disruptions.

U.S. President Joe Biden has prioritised building high-tech chips in an effort to preserve high-paying American jobs and counter the rising market dominance of China, who he views as Washington’s key strategic competitor.

The chips funding legislation was also designed to help to alleviate a persistent chips shortage that has prevented the manufacture and sale of everything from cars, weapons, washing machines and video games.

Those shortages have worsened U.S. consumer price inflation, which topped 8% on an annual basis in August.

Executives from at least 13 companies will attend, including Sanken Electric, Tokyo Electron, Hitachi (OTC:) High-Tech, Fujitsu and Nikon (OTC:), according to another U.S. official who declined to be named previewing the meeting.

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