The billions will be spent on chip factories in New York and Idaho and will create more than 70,000 jobs.

This will boost the $125 billion the firm is going to invest in chip production by 2030.

The White House also confirmed Micron will benefit from tax breaks in New York.

Micron President and CEO Sanjay Mehrotra commented: "Micron’s leading-edge memory is foundational to meeting the growing demands of artificial intelligence, and we are proud to be making significant memory manufacturing investments in the US, which will create many high-tech jobs."

China previously banned Micron from vital infrastructure plans.

The Chinese cyberspace regulator blocked the company as they deemed them as posing “serious network security risks”.

The Cyberspace Administration shunned the firm from operating in world’s second-largest economy.

They said: "The review found that Micron's products have serious network security risks, which pose significant security risks to China's critical information infrastructure supply chain, affecting China's national security."

A spokesperson continued to BBC News: "We are evaluating the conclusion and assessing our next steps. We look forward to continuing to engage in discussions with Chinese authorities.”

There have been increasing tensions between China and the United States for years, and only heightened by the US threatening to ban Chinese-owned TikTok.