WASHINGTON—President Joe Biden called for a significant investment to revitalize American chip manufacturing to counter China’s threat to “dominate the semiconductor supply chain.” In an effort to address an ongoing global chip shortage and strengthen the domestic semiconductor industry, the White House hosted a virtual summit with business leaders on April 12. “This is an issue that has broad support in United States Congress,” Biden said during the summit. He referred to a letter he received from 23 senators and 42 House members from both sides of the aisle, supporting the “Chips for America program” that provides federal incentives to domestic chip manufacturers. He said the bipartisan letter warned, “the Chinese Communist Party aggressively plans to reorient and dominate the semiconductor supply chain.” “I’ve been saying for some time now: China and the rest of the world is not waiting, and there’s no reason why Americans should wait,” Biden said. …