Senate passes bipartisan tech and manufacturing bill aimed at countering China

SourceCNBC
SectorEconomy
CountryMiddle east

The Senate on Tuesday passed one of the largest industrial bills in U.S. history in a bipartisan effort to ensure the U.S. remains competitive with China as one of the globe’s technological powerhouses.

The bill, which passed the chamber 68-32, commits roughly $250 billion in funding for scientific research, subsidies for chipmakers and robot makers, and an overhaul of the National Science Foundation. The scope of the bill, the final product of at least six Senate committees and almost all members of the chamber, reflects the myriad fronts in the U.S.-China rivalry. It also likely represents one of the last major bipartisan initiatives of 2021, proof that U.S. lawmakers are broadly in favor of legislation that works to counter Beijing’s economic and military expansion. Failure to expand the nation’s semiconductor production, or reroute rare earths supply chains, advocates say, could leave the U.S. at a strategic disadvantage in the years ahead. The largest part of the U.S. Innovation and Competition...read more...