World

Senate passes bipartisan technology and manufacturing bill for China

An employee working on a silicon wafer production line at a workshop at Jiejie Semiconductor Co., Ltd in Nantong, Jiangsu Province, China, on March 17, 2021.

Xu Con Conjun | Visual China Group | Getty Images

The Senate passed one of the largest industrial bills in US history on Tuesday in a bipartisan effort to help the United States remain competitive with China as the world’s technological powerhouse.

The bill includes funding scientific research, subsidizing chip and robot makers, and reviewing the National Science Foundation.

The scope of the bill, which is the final draft of at least six Senate committees and almost all members of the House of Representatives, reflects the myriad fronts of the US-China conflict.

It is also likely to be one of the last major bipartisan initiatives in 2021, which generally follows the law in which US lawmakers work to counter Beijing’s economic and military expansion. It proves that you are in favor of it.

Proponents say the United States could be strategically disadvantaged in the coming years without expanding the country’s semiconductor production and rerouting the rare earth supply chain.

The largest part of US innovation and competition law is a proposal, formerly known as the “Endless Frontier,” written by Indiana Republicans Schumer and Senator Todd Young.

CNBC politics

Read more about CNBC’s political coverage:

Endless Frontier will allocate $ 81 billion to the NSF between fiscal years 2022 and 2026, overhaul the National Science Foundation, and establish the Department of Innovation.

The bill will also fund a grant program managed by the Ministry of Commerce, which is commensurate with the financial incentives state and local governments provide to chip makers to improve or build factories. become.

The success of the Senate bill is also reflected in the White House’s strengthening of its own recommendations on how to secure the US supply chain through China and counter Beijing’s geopolitical ambitions.

White House on Friday Increase restrictions on US investment We have added more companies to the ever-growing US blacklist for certain Chinese companies allegedly involved in China’s military and surveillance activities.

Then on Tuesday, the White House Expanding US production of lithium batteries, Rare earth minerals and semiconductors.

The Senate was unable to pass the bill before Memorial Day’s recess due to discussions on some amendments, but bipartisan enthusiasm for maintaining U.S. competitiveness is expected to support the House’s allegations. ..

Congress plans to consider the bill in the coming weeks, but it will probably slow down as representatives are considering different sections.

Senate passes bipartisan technology and manufacturing bill for China

Source link Senate passes bipartisan technology and manufacturing bill for China

Back to top button