Economy News

Semiconductor shortage: ‘We need to be more aggressive’


The Joe Biden administration held the third meeting of industry officials this year to discuss semiconductor supply issues. Biden said the supply situation had worsened and he would “act more aggressively.”

semiconductor shortage

At a press briefing on the 23rd (local time), the White House announced that National Economic Council (NEC) Chairman Brian Dess and Commerce Secretary Gina Lamondo had set up a videoconference to discuss semiconductor supply issues. Several topics were discussed, including the international shortage of semiconductors, its relationship with Covid-19 health crisis, and providing transparency in the semiconductor supply chain.

“Since Joe Biden took office, the semiconductor shortage was a top priority,” said White House spokeswoman Jen Saki. The Biden administration also held meetings with semiconductor industry officials in April and May, and this was the third time.

Samsung Electronics, TSMC Taiwan, the world’s largest supplier of consigned semiconductors, Apple, Intel, General Motors, Ford, and Global Health Care companies Medtronic and Stellantis NV all attended the Wall Street Journal (WSJ) meetings this year. Microsoft, Daimler, and BMW were also involved, according to the White House.

According to officials, the Biden administration is emphasizing transparency over the semiconductor shortage problem, establishing an early warning system and asking companies to voluntarily submit inventory, orders, and sales information. Respondents expressed concern over how difficult it is to obtain privileged information from government agencies.

In an interview before the meeting, Joe Biden emphasized the semiconductor supply shortage. “It’s time to get more aggressive,” he said. “The situation is only getting worse, not better.”

“This week, we’ll learn more about our supply chain from the industry”. Additionally, he warned that companies can request the information if they don’t provide it voluntarily.

“There is no simple, quick solution,” he predicted, “but I believe we will be able to solve the semiconductor shortage problem by next year.” At the same time, he said, “the fundamental solution is to increase semiconductor domestic production in the United States.”

For MetaNews.


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Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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