Biden meets with executives to address semiconductor shortage

WASHINGTON, April 12 (Xinhua) -- U.S. President Joe Biden and other White House officials on Monday met with executives from 19 major companies to discuss the global semiconductor shortage that has severely affected U.S. automakers.

"The semiconductor shortage, which is impacting American workers and families right now, is a top and immediate priority for the President and his senior most advisors on economic and national security," the White House said in a statement after hosting the virtual semiconductor summit.

"Participants emphasized the importance of improving transparency in the semiconductor supply chain to help mitigate current shortages and improving demand forecasting across the supply chain to help mitigate future challenges," the statement said.

They also discussed the importance of encouraging additional semiconductor manufacturing capacity in the United States to make sure the country never again faces shortages, it said.

During the meeting, Biden said that he has broad support in Congress to fund the domestic semiconductor industry. "In fact, today, I received a letter from 23 senators -- bipartisanly -- 42 House members -- Republicans and Democrats -- supporting the CHIPS for America program," he said.

John Neuffer, president and CEO of the Semiconductor Industry Association, said Monday that funding the chip manufacturing incentives and research investments will "strengthen U.S. semiconductor production and innovation across the board so all sectors of our economy have the chips they need."

"Today's meeting marks the continuation of a strong partnership between the Biden Administration and industry to strengthen America's semiconductor supply chain by enacting federal investments in domestic chip manufacturing and research," Neuffer said in a statement.

The share of global semiconductor manufacturing capacity in the United States has decreased from 37 percent in 1990 to 12 percent today, according to the association.