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WASHINGTON: President Joe Biden on Thursday signed an executive order on implementation of the $52.7 billion semiconductor chips manufacturing subsidy and research law, the White House said.

Earlier this month, Biden signed the bill to boost efforts to make the United States more competitive with China’s science and technology efforts. By subsidizing US chip manufacturing and expanding research funding, the law aims to alleviate a persistent shortage that has affected everything from cars and weapons to washing machines and video games.

The “Chips and Science” law also includes an investment tax credit for chip plants estimated to be worth $24 billion.

The White House said the Commerce Department launched CHIPS.gov. The department will make funding awards for chips production.

Commerce Secretary Gina Raimondo said the department has been preparing for months for the program.

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