EU nears deal on $47B law to boost computer chip production

LONDON (AP) — The European Union is closing in on approval for a plan to ramp up semiconductor production. The EU is seeking to wean itself off reliance on Asia for the tiny computer chips that control everything from cars to washing machines. The European Parliament and the bloc’s 27 member states struck an informal agreement Tuesday for the 43 billion-euro Chips Act. It pools public and private funds and allows for state aid to kick-start massive investments for chipmaking facilities. The EU is scrambling to keep up with the U.S., which launched its own $52 billion Chips Act to boost the American semiconductor industry.