Its long been thought that 10,000 is the magic number, but could walking 5,000 steps a day be enough to see a benefit . The white house is marking one year since President Biden signed the chips for america legislation. It earmarked 52. 7 million in subisdies for the Semiconductor Industry in the us. The Commerce Department started taking in applications injune for the Subsidy Programme for Us Semiconductor manufacturing and since then, more than 460 companies have expressed interest in the funding. The programme is part of the administrations bid to boost competitiveness with chinas science and technology. The Commerce Department is also tyring to ensure that china doesnt benefit from the subsidies. Adrienne elrod is director of external and Government Affairs in the chips for America Office of the Us Department of commerce. How does the Biden Administration believe this legislation serves economic and National Security . First of all i think, thank you for having me, it is great to talk to your audience about this milestone we have reached. The bottom line is this, currently the United States of america make 0 of the worlds chips, the chips that go into your iphone, ipad, any smart devices, a lot of military equipment, electric vehicles, the most sophisticated type of technology has leading edge chips. We create 0 . 92 are created in one country and that is in taiwan. We want to make sure we can be competitive globally and that we can also make sure that we can at least produce the number of leading edge chips we need here in the rated state to have a more resilient supply chain and more importantly not have to rely on other countries to produce the chips we need. I other countries to produce the chips we need. ,. Other countries to produce the chips we need. , ,. ,. , we need. I need to correct my own correction we need. I need to correct my own correction i we need. I need to correct my own correction i did we need. I need to correct my own correction i did of we need. I need to correct my own correction i did of course we need. I need to correct my own correction i did of course been we need. I need to correct my own | correction i did of course been 52. 7 billion in subsidies, not million. I did not catch it. More than 460 companies have expressed interest, but when will this programme actually be implemented . We are doing it on Invitation Process but in terms of where we are going to give out some of the Award Spending i dont want to get ahead of the team. Its important to be clear that this is taxpayers dollars we are using. Us Taxpayer Dollars, we are using. Us Taxpayer Dollars, we want to make sure were being good stewards of those dollars that means we have to go through a very Due Diligence process when it comes to sorting through the applications, the pre applications, and what will happen soon as we will enter into a terms sheet, a basically are sheet with the applicants that we want to give money to and when that happens, the wheels will really start turning and i think you will start to see some words come out, when that process starts to take place. The chip making giant Taiwan Semiconductor had to delay the start of production at its factory in arizona because of Cost Overruns and trouble finding workers. Can this programme be implemented as planned . This is a complex process. It is but ou have this is a complex process. It is but you have got this is a complex process. It is but you have got to this is a complex process. It is but you have got to take this is a complex process. It is but you have got to take the this is a complex process. It is but you have got to take the step this is a complex process. It is but| you have got to take the step back, realise since President Biden has taken office, 500 billion in the pledged investments have taken place, 230 billion of that is in the Semiconductor Industry. Since the chips and science act was passed, 166 billions have been pledged by private Sector Companies in the United States when it comes to the Semiconductor Industry. It is not ideal that the project is slightly delayed but one year, this is still going to happen very soon. The Construction Workforce is something we are certainly focused on, we made it very clear to applicants that if you are seeking the type of fund especially the kind people were seeking, you need a plan in place, you need to demonstrate how you were going to make sure that you do have a plan. That you have a plan to fill the jobs in these fabrication plants. Because if we are sending money to a wrecked large scale fabrication plants which is a very large undertaking when it comes to creating chips we have to make sure we can those jobs and that means filling the construction jobs. It is a monumental undertaking were dealing with what we also have a strong workforce teen, some of the top expense in the field focused on this and one year setback, it is far better than ten years and we are just focused on and diane making sure that at the end of the day we are strengthening our security Manufacturing Semiconductors here. What are the next steps . We Manufacturing Semiconductors here. What are the next steps . What are the next steps . We are auoin what are the next steps . We are going through what are the next steps . We are going through the what are the next steps . We are going through the due what are the next steps . We are going through the Due Diligence l what are the next steps . We are going through the Due Diligence step and applications are coming through on a rolling basis, we are not going to announce all the awards at one time, this will be a rolling basis but i think sooner than later we will start announcing companies that we are entering into. Which means that we will be giving some sort of fun, interacting with those companies to make sure we are being good stewards of Taxpayer Dollars. The next five to ten years we hope to have a much larger proportion made here in the United States. Great to have your perspective, thank you forjoining us. The goal is to have a much larger proportion of the chips market if you look at a global perspective. How realistic do you think that is . It is a great challenge and im glad to see them play a forward leading role in guiding some of these policies but my main issue would be on the basic mechanism. I think all americans agree it would be very beneficial for us americans agree it would be very beneficialfor us to be americans agree it would be very beneficial for us to be a cheap producer and also develop Chip Production Facilities in our key allies, taiwan is obviously a leader in the industry as well. I think where we might have a difference of opinion is that mechanism to encourage that, the biden initiation seems to think that subsidies is the way to do this so that you are providing additional resources. That is basically the approach of the chinese government. They subsidise and underwrite a great deal of production. I think we would be much stronger to create a less burdensome Regulatory Environment in which the producers are incentivised to come to the United States because its easier to do business here, it is our lower cost environment rather than simply propping them up which unfortunately can cause a very artificial price structure. I think we agree that ultimate goal can differ on the tactics. The we agree that ultimate goal can differ on the tactics. We agree that ultimate goal can differ on the tactics. The eu has a euro ean differ on the tactics. The eu has a European Chips differ on the tactics. The eu has a European Chips what differ on the tactics. The eu has a European Chips what is differ on the tactics. The eu has a European Chips what is the differ on the tactics. The eu has a European Chips what is the uk differ on the tactics. The eu has a i European Chips what is the uk doing to boost its production . I European Chips what is the uk doing to boost its production . To boost its production . I think the uk ho es to boost its production . I think the uk hopes that to boost its production . I think the uk hopes that part to boost its production . I think the uk hopes that part of to boost its production . I think the uk hopes that part of the to boost its production . I think the uk hopes that part of the inflation | uk hopes that part of the Inflation Reduction Act is that it opens up opportunities for friendly countries. That has been made clear. The comparry countries. That has been made clear. The company used to do the diagrams for the the company used to do the diagrams for the chips and it was sold for 20,000,000,02016 and they design the chips 20,000,000,02016 and they design the chips for iphones, everyone. But i the chips for iphones, everyone. But i dont the chips for iphones, everyone. But idoni think the chips for iphones, everyone. But i dont think we are going to rival the us i dont think we are going to rival the us or i dont think we are going to rival the us or taiwan in our own Semiconductor Manufacturing industrx Semiconductor Manufacturing industry. We have lots to offer to america industry. We have lots to offer to america and it is good that they should america and it is good that they should take the lead and quite rightly should take the lead and quite rightly feeling potentially that taiwan rightly feeling potentially that taiwan might not be as reliable an ally for taiwan might not be as reliable an ally for the taiwan might not be as reliable an ally for the world in the future sadly ally for the world in the future sadly on ally for the world in the future sadly on that front. There are opportunities for the uk purely through opportunities for the uk purely through the us taking a lead and thats through the us taking a lead and thats a through the us taking a lead and thats a good outcome for the western thats a good outcome for the western world. The thats a good outcome for the western world. Western world. The Theory Underpinning western world. The Theory Underpinning this western world. The Theory Underpinning this is western world. The Theory Underpinning this is that l western world. The theory i underpinning this is that the western world. The Theory Underpinning this is that the us and allies can reassure products and technologies that have been offshore for quite some time. Do you think thatis for quite some time. Do you think that is a realistic endeavour given all that it takes and the time and investment it takes . Taste all that it takes and the time and investment it takes . Investment it takes . We were discussing investment it takes . We were discussing China Investment it takes . We were discussing china earlier, investment it takes . We were discussing china earlier, we. Investment it takes . We were i discussing china earlier, we have investment it takes . We were discussing china earlier, we have to accept discussing china earlier, we have to accept that discussing china earlier, we have to accept that globalisation which has done an accept that globalisation which has done an immense amount to improve the lot done an immense amount to improve the lot of done an immense amount to improve the lot of mankind in the last 20 or 30 years the lot of mankind in the last 20 or 30 years is the lot of mankind in the last 20 or 30 years is going backwards, accelerating backwards and it is good accelerating backwards and it is good that people like biden can see this coming and take steps to ameliorate and if its done through the form ameliorate and if its done through the form Of Ameliorate and if its done through the form of subsidy thats fine by me there the form of subsidy thats fine by me there is no problem with governments subsidising the industries if they think it will be an eventual return for the Taxpayer Dollar an eventual return for the Taxpayer Dollar and an eventual return for the Taxpayer Dollar and if there is not the us voters dollar and if there is not the us voters clearly will not stand for it. ,. ,. , voters clearly will not stand for it. Two you agree with toms pempective . It. Two you agree with toms pempective . I it. Two you agree with toms perspective . I think it. Two you agree with toms perspective . I think there i it. Two you agree with toms perspective . I think there is| it. Two you agree with tomsl perspective . I think there is a it. Two you agree with toms perspective . I think there is a very stron perspective . I think there is a very strong Role Perspective . I think there is a very strong role for perspective . I think there is a very strong role for the perspective . I think there is a very strong role for the european strong role for the European Partners to play in this home shoring of this capability. Again my concern is that i dont want to European Partners to be attracted by the prospect of subsidies. I want them to be attracted of building an innovative business that can stand on its own and be a world leader in this technology. I worry the Biden Administration approaches spent vast sums of money rather than take a real strategic approach to these kinds of problems. It is real strategic approach to these kinds of problems. Real strategic approach to these kinds of problems. It is a topical ruestion kinds of problems. It is a topical question that kinds of problems. It is a topical question that bill kinds of problems. It is a topical question that bill be kinds of problems. It is a topical question that bill be with kinds of problems. It is a topical question that bill be with this i kinds of problems. It is a topical| question that bill be with this for some time. I will come back in a moment. We have an important story. It has been long understood that 10,000 steps per day is the ideal number to stay fit and healthy, but a new study shows fewer than 5,000 may be enough to see a benefit. A study of 226,000 people around the world showed that 4,000 steps was enough to reduce the risk of dying prematurely of any cause. How many steps you get in . I work from home how many steps you get in . I work from home a how many steps you get in . I work from home a fair how many steps you get in . I work from home a fair bit how many steps you get in . I work from home a fair bit so how many steps you get in . I work from home a fair bit so when how many steps you get in . I work from home a fair bit so when i how many steps you get in . I work from home a fair bit so when i look on my from home a fair bit so when i look on my fithit from home a fair bit so when i look on my fitbit sometimes its a bit terrifying on my fitbit sometimes its a bit terrifying i on my fitbit sometimes its a bit terrifying. I have been on this programme before when we discussed Scientists Programme before when we discussed scientists having realise you only need scientists having realise you only need to scientists having realise you only need to do scientists having realise you only need to do 7000 a day and here i am again need to do 7000 a day and here i am againand need to do 7000 a day and here i am againand we need to do 7000 a day and here i am again and we identify thousand. During again and we identify thousand. During the pandemic i calculated that if during the pandemic i calculated that if i during the pandemic i calculated that if i wanted to get 10,000 in i had to that if i wanted to get 10,000 in i had to do that if i wanted to get 10,000 in i had to do 200 distinct trips to the kitchen had to do 200 distinct trips to the kitchen to had to do 200 distinct trips to the kitchen to get a chocolate biscuit. If kitchen to get a chocolate biscuit. If that kitchen to get a chocolate biscuit. If that number is down to 100 then that is if that number is down to 100 then that is great news as far as im concerned that is great news as far as im concerned that is great news as far as im concerned. � , ,. ,. , concerned. And the steps are worth it. Do ou concerned. And the steps are worth it. Do you think concerned. And the steps are worth it. Do you think we concerned. And the steps are worth it. Do you think we are concerned. And the steps are worth it. Do you think we are setting concerned. And the steps are worth it. Do you think we are setting the i it. Do you think we are setting the wrong incentive by reducing the number of steps . I w