US President Joe Biden on Tuesday signed a landmark bill the CHIPS and Science Act of 2022 which will allocate $52.7 billion to subsidize semiconductor production and research in a bid to boost incentives to make the US more competitive with China's science and technology efforts.

'The future is going to be made in America,' Biden said, calling the measure 'a once-in-a-generation investment in America itself.' Republicans, as well as Democrats, joined Biden on the White House lawn as the US President signed the chips bill that was distilled years in Congress before getting approval.

Attending the signing were the chief executives of Micron, Intel, Lockheed Martin, HP and Advanced Micro Devices.

Furthermore, the governors of Pennsylvania and Illinois, in addition to the mayors of Detroit, Cleveland and Salt Lake City, and lawmakers were at the event.