A bill supplying over $250 billion to help guarantee a competitive edge over China has passed through the US Senate on Tuesday, reported the Financial Times. The legislation is targeted at areas including artificial intelligence, quantum computing and semiconductors.
The bill passed by a vote of 68-32, showing large bipartisan support for taking action to counter Beijing. Named the US Innovation and Competition Act, it brings together several China-related measures in the largest piece of industrial policy legislation in decades.
The bill provides $52 billion to bolster the semiconductor industry amid rising concerns that the US is too reliant on countries such as Taiwan at the same time that China is striving to build up its chip capacity.
Part of the bill, known as the Endless Frontier Act, provides roughly $120 billion for investment in technologies such as AI and quantum computing that China has prioritized as part of its policy for high-end technology.