No 'Magic Elixir' to Fix Chip Crunch: Raimondo

There’s no “magic elixir” to fix the global chip shortage, which is an “urgent” crisis and a “huge problem” for American consumers and businesses, Commerce Secretary Gina Raimondo told a Washington Post virtual event Wednesday. Microchips “underpin everything we do in a day,” she said. The U.S. makes “zero percent of the most sophisticated chips on our shores,” and 70% of the “leading-edge” chips that Americans consume come from Taiwan, she said. “I find that to be an almost terrifying prospect,” amid the looming threat the island faces from China, she said. “We are exceedingly vulnerable, and getting even more so as our economy becomes more digital.”