US, EU will seek to head off subsidy race over chip production, official says
Alexandra Alper & Karen Freifeld, Reuters
May 16, 2022 15:53 pm +08
WASHINGTON (May 15): The United States and European Union will announce a joint effort to avert a “subsidy race” as they scramble to boost production of scarce semiconductor chips, a senior Biden administration official said.
The move will be unveiled at the second meeting of the US-EU Trade and Technology Council (TTC), taking place on Sunday and Monday in Paris.
The TTC pledged at an inauguration conference last year in Pittsburgh to deepen transatlantic cooperation to strengthen chip supply chains, curb China’s non-market trade practices, and take a more unified approach to regulating big, global technology firms.
“You’ll see us announce… a transatlantic approach to semiconductor investments aimed at ensuring security of supply,” a senior administration official told reporters in a call Friday, previewing the meeting….