South Korea’s ruling party proposed a special chips act on Monday, aimed at supporting chipmakers with subsidies. The legislation would also allow for longer working hours for employees in the semiconductor industry.
This move comes as President Yoon Suk Yeol calls for the country to begin preparing for the return of Donald Trump to the U.S. presidency.
Japan on Monday also drafted a $65 billion plan to ramp up chip production with subsidies and other financial incentives.