The main headlines of Fox Business Flash are here. Check out what is clicking on FoxBusiness.com.
Senior White House economic and security officials have launched a new effort to help the U.S. auto industry combat the growing shortage of semiconductor chips that has forced production cuts worldwide, a White House official said.
DISCOVER FOX BUSINESS ON THE MOVE BY CLICKING HERE
President Joe Biden’s administration held meetings with automotive companies and suppliers to identify bottlenecks and urged companies to work cooperatively to address the shortage, the official said on Wednesday.
The White House also instructed U.S. embassies to identify how foreign countries and chip-making companies can help address global shortages.
US SENATORS EXHIBIT WHITE HOUSE ACTION AT AUTO CHIP SHORTAGE
The effort includes expanding to Taiwan, home of leading chip maker Taiwan Semiconductor Manufacturing Co Ltd (TSMC), to find ways to resolve the shortage.
In a February 17 letter, Biden’s chief economic adviser, Brian Deese, thanked Taiwan’s Minister of Economic Affairs, Wang Mei-hua, for working to help resolve the shortages in coordination with the island’s manufacturers.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
(Reporting by David Shepardson; Editing by Clarence Fernandez)