It is reported that the US Senate passed a $280 billion CHIPS and Science Act on Wednesday (July 27) to counter Communist China and strengthen American competitive advantage and national security.
The bill reflects a rare consensus in an otherwise polarized Congress in favor of crafting a long-term strategy to deal with the nation’s intensifying geopolitical rivalry with Beijing. It is expected to pave the way for the construction of factories across the country, and with it, tens of thousands of jobs are estimated to be created.
The bill, a convergence of economic and national security policy, would provide $52 billion in subsidies and additional tax breaks to companies that make chips in the United States. It would also add $200 billion to scientific research, especially in artificial intelligence, robotics, quantum computing and a host of other technologies.
The stated objective of the bill is to jump start American semiconductor production to outpace China and ensure American technological independence. It could be signed into law by President Biden, who backs it, as early as this week.
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