U.S. President Joe Biden signed into law the CHIPS and Science Act, which will direct over 200 billion dollars into the domestic production of semiconductors and technological development.

At a signing ceremony on Tuesday, Biden noted the decline in domestic semiconductor manufacturing over the last 30 years, culminating in a U.S. claim to just ten percent of global production today.

The bill, which passed through both the House and the Senate last month with bipartisan support, consists of investments worth 280 billion dollars, including subsidies for U.S. semiconductor production as well as advanced research and development.

Firms that build semiconductor plants in the U.S. will be provided with a 25-percent tax credit.

Some project global semiconductor giants such as Samsung Electronics and Intel to reap the greatest benefits from the new law.