The US Senate has approved more than $200 billion in funding to help tech companies overcome competition with China. Whereas, nearly $120 billion for scientific and technological development in the United States. Also about $53 billion for semiconductor chip manufacturing and research. The confrontation between the two world powers amid a global shortage of microchips is growing.
The White House also announced a supply chain review to expand production of lithium batteries, semiconductors, rare earth minerals, and active pharmaceutical ingredients in the United States. The chamber is expected to vote on the issue in late June or July.
With 68 votes to 32, the US Senate took action to advance the 2021 US Competition and Innovation Act (USICA). The recent legislative focus on the computer chip and technology industry has come amid rising tensions between the United States and China and the recent shortage of chips in the United States.
Moreover, USICA calls for the creation of programs and activities to strengthen US innovation and leadership in key technology areas. Such as competition with China in artificial intelligence and high-performance computing.