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.
US intelligence officials say Chinese pharma companies are risking national security at a time when…
BYD has set back plans for an EV factory in Vietnam, while CATL has said…
US Treasury Secretary Janet Yellen has accused China of ‘distorting prices’ with its increased green…
Japan’s plunging currency and the threat of BoJ intervention sent Tokyo’s soaraway benchmark downwards
China will make tech innovation a focus of economic growth and aims to help drive…
The currencies of China's trading partners have weakened faster than the yuan recently, eroding the…