The European Union and the US will coordinate their efforts to boost semiconductor manufacturing, a senior Biden administration official told Reuters. After the second meeting of the US-EU Trade and Technology Council, on Sunday and Monday, the two blocs will announce a “transatlantic approach to semiconductor investments aimed at security of supply,” the official said.
In February, the EU launched a 45-billion-euro push to bolster semiconductor R&D, design and manufacturing. This has prompted Intel to announce a 33-billion-euro investment in Europe, including the construction of a fab complex in Magdeburg, Germany. The US House of Representatives and Senate are currently ironing out the details of the US Chips Act.