A global shortage of semiconductors will continue to strain markets for months to come, Commerce Secretary Gina Raimondo said Monday.
“For the next year or so, this will be a daily challenge,” Raimondo said on CNBC’s “Closing Bell.”
The scarcity of chips, which are required for an ever-growing variety of products, has already taken a heavy toll on American manufacturing, especially in the automobile industry.
Raimondo’s prediction is rosier than that of some analysts, who believe the shortage or its knock-on effects may still be felt in 2023.
In the meantime, President Joe Biden‘s administration is communicating with stakeholders and “encouraging more transparency in the supply chain, better accuracy in the supply chain,” Raimondo said on CNBC.
“We’re trying to help make sure that the demand signal that consuming industries are giving to semiconductor suppliers is accurate, up to date and transparent,” she said, “and really just encouraging the private sector to work together and do everything it can in order to meet the short-term crunch.”
