China

US Senate to Vote on Semiconductor Bill on Tuesday

 

The US Senate will vote on Tuesday on legislation to boost the domestic semiconductor industry and blunt China’s competitive edge, Democratic Majority Leader Chuck Schumer said.

“We need to move quickly,” he said on Monday as the Senate opened for the week.

The legislation is a trimmed version of a bill that members of Congress have been working on for well over a year, expected to include $52 billion in subsidies for the industry and a tax credit for companies that manufacture semiconductors in the United States.

“Without these incentives from Congress, the capital investment required for expanding production is not economically viable in the US, given other global alternatives,” Schumer said.

Lawmakers hope to pass the legislation and send it to the White House for President Joe Biden to sign into law before they leave Washington for their annual August recess.

 

  • Reuters with additional editing by Sean O’Meara

 

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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