US finalizes rules to prevent China from benefiting from $52 billion in chips funding

Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing Rights WASHINGTON, Sept 22 (Reuters) – The U.S. Commerce Department on Friday is issuing final rules to prevent semiconductor manufacturing subsidies from being used by China and other countries deemed to pose American national security concerns. The regulation is the final hurdle before the Biden administration can begin awarding $39 billion in subsidies for semiconductor production. The landmark “Chips and Science” law provides $52.7 billion for U.S. semiconductor production, research and workforce…