The U.S. passed the Chips Act earlier this year, allocating $280 billion in subsidies and support for semiconductor R&D to encourage companies to make chips domestically. Similar legislation has also been introduced in the European Union amid concerns that global semiconductor companies could compete with each other for more favorable deals or create a supply glut in the long run. To address this issue, the U.S. Department of Commerce and the European Commission agreed to establish a common mechanism to share information with each other on public support programs, including relevant methodologies and best practices, and to build a common understanding of market dynamics. The parties are also implementing an early warning mechanism aimed at responding to and mitigating possible disruptions to the semiconductor supply chain.
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