The White House is holding a virtual CEO summit on Monday where President Joe Biden is scheduled to meet with executives from the auto, tech, biotech and consumer electronics industries.
The White House is holding a virtual CEO summit at noon ET Monday where President Joe Biden is scheduled to meet with executives from the auto, tech, biotech and consumer electronics industries to discuss the shortage of crucial semiconductor chips as a result of high demand in Asia and former President Donald Trump’s trade war with China.
Auto executives started warning of a chip shortage late last year. Those warnings quickly turned into temporary plant closures for the automaking industry, causing manufacturers to temporarily layoff tens of thousands of U.S.-based workers for varying periods of time.
Analysts and company officials say there’s little Biden can do to force chipmakers, the majority of which are based in Asia, specifically Taiwan, to allocate more chips to the U.S. automotive industry.
Biden has backed proposals for tax incentives to U.S. manufacturers to make the critical parts in America to avoid future shortages.
Participants scheduled to attend the Summit include CEOs Mary Barra of GM, Jim Farley of Ford Motor, and Intel’s Pat Gelsinger.