— The US Senate passed a sweeping industrial policy bill Tuesday aimed at countering a surging economic threat from rival China, overcoming partisan divisions to support pumping more than $170 billion into research and development.
It also represents the largest investment in scientific research and technological innovation “in generations,” according to Senate Majority Leader Chuck Schumer. The package, a key provision of which addresses a shortage of semiconductors that has slowed US auto production this year, will help US industry bolster its capacity and improve technology.
The proposal aims to address a number of technological areas in which the United States has fallen behind its Chinese competitors, including in semiconductor production. Whichever countries best harness technologies like AI, robotics and quantum computing will be able to shape innovation to its image, added Schumer, before criticising Chinese President Xi Jinping.
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