On Tuesday, the U.S. Senate approved a bipartisan, $250 billion bill which seeks to undermine Chinese ambitions in the technological space by boosting U.S. competitiveness, providing funding for technology research and development.
After being delayed before the Senate’s Memorial Day recess, with some Republican senators raising “last-minute concerns about its size and scope,” the bill passed, 68 votes to 32, according to The Wall Street Journal.
“The legislation represents a potential landmark effort to turn the tide on several long-term trends in U.S. competitiveness,” the Journal added. “Those include eroding federal investments in research overall and a shrinking share of the world’s semiconductor manufacturing.”
The “U.S. Innovation and Competition Act” will now move to the House of Representatives for approval, and includes subsidies for semiconductor manufacturers and robot makers, as well as “an overhaul of the National Science Foundation,” reported CNBC.
“The scope of the bill, the final product of at least six Senate committees and almost all members of the chamber, reflects