Senate passes $280bn Industrial Policy bill

THE US Senate on Wednesday (local time) passed a $280bn Industrial Policy bill to counter China and bolster American competitive edge and national security.

'Today the Senate passed a historic bill that will lower costs and create jobs. As Americans are worried about the state of the economy and the cost of living, the CHIPS bill is one answer: it will accelerate the manufacturing of semiconductors in America, lowering prices on everything from cars to dishwashers,' read President Joe Biden's statement. The legislation reflected a remarkable and rare consensus in an otherwise polarized Congress in favour of forging a long-term strategy to address the nation's intensifying geopolitical rivalry with Beijing.