for example, during the pandemic what happened was all of a sudden everybody started to learn the phrase supply chain. a year ago no one knew what the hell anybody was talking about when you said supply chain but now they all know, and we lost access to these these semiconductors in which new automobiles in the united states need 30,000 of them just to build a new automobile and we didn t have them. so we started investing here and what happened was when we encouraged the investment through the chips and science act and now we have an enormous investment in the united states, over $200 billion in long-term investment in semiconductors. we are rebuilding the economy of the united states with those semiconductors. it s not designed to hurt china. the only thing i did say with regard to china, there are certain extremely sophisticated semiconductors that we have built that are useful for nuclear and or other weapons systems. those we are not selling. we are not exporting to china or any
we could do to increase our hold on the market once again and so what i did was i went around the country as well as an additional chips and science act. i, in fact, visited countries around the world and two significant south korean companies decided they were going to invest billions of dollars in the chip manufacturing in the united states those are designed to hurt china, designed so we didn t have to worry about whether or not we had access to semiconductors for example, during the pandemic, what happened, was all of a sudden everybody started to learn the phrase supply chain. a year ago, nobody knew what we were talking about when we said supply chain now they all know. and we lost access to these semiconductors, in which new automobiles in the united states need 30 of them just to build a new automobile, and we didn t have them, so we started to invest here, and what happened was when we encouraged
entire new industry. as a result, over 30 years ago, america had more than 30% of the global chip production. but then something happened. something happened. american manufacturing, the backbone of our economy, got hollowed out. because companies began to move jobs and production overseas. and as a result, today, we re down to barely 10% of the world s chips, despite leading the chip research and design. and as we saw during the pandemic, when factories, when factories that make these chips shut down around the world, the global economy literally comes to a screeching halt. more americans will learn the phrase supply chain and what it means. guess what? the supply chain is going to start here, and end here. in the united states. [ applause ] i m not joking. for example, here in the united states, one-third of core inflation last year, the core
as a result, over 30 years ago, america had more than 30% of the global chip production. then, something happened. something happened. american manufacturing, the backbone of our economy got hollowed out. because companies began to move overseas. as a result, we re down to 10% of the world s chips. as we saw during the pandemic, when factories that make the chips shut down around the world, the global economy literally comes to a screeching halt. more americans learn the phrase supply chain and what it means. well, guess what? the supply chain is going to start here and end here in the united states. i m not joking. for example, here in the united states, one-third of the core inflation last year, the core