The Week (US)
Trade: Bipartisan bill to aid U.S. firms in China rivalry
The Senate passed one of the largest industrial bills in U.S. history this week in an effort to remain competitive with China, said Thomas Franck in CNBC.com. The $250 billion U.S. Innovation and Competition Act received bipartisan support, passing the chamber 68-32. It commits “funding for scientific research, subsidies for chipmakers and robot makers, and an overhaul of the National Science Foundation.” Roughly $52 billion would be provided “to fund semiconductor research, design, and manufacturing” to reduce reliance on Asian chipmakers.