President Biden will sign a new law that gives America billions of dollars to fight China over computer chips.
“The House approved a massive semiconductor subsidy and research bill known as the “Chips plus Science” Act, 243-187, with one lawmaker voting present, sending the legislation to President Joe Biden for his signature.
The bill, in the works for almost two years, is intended to decrease U.S. reliance on computer chips manufactured in China and other countries, as well as fund science and technology research to keep American industries competitive with foreign firms.
The vote represents a win for the White House and congressional Democrats, who in recent months stripped out a litany of provisions related to trade and competitiveness strategy toward China in an attempt to get the legislation over the finish line before the midterm elections. President Biden, who has hailed the legislation as “historic,” reiterated Thursday he will swiftly sign it into law.” [READ MORE]
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