U.S. President Joe Biden on Tuesday signed a US$280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration's push to boost U.S. competitiveness over China.
U.S. President Joe Biden holds the 'CHIPS and Science Act of 2022' after signing it during a ceremony on the South Lawn of the White House, on Aug. 9, 2022. , part of his administration's push to boost U.S. competitiveness over China.
The bill has been more than a year in the making, but finally cleared both chambers of Congress late last month with significant bipartisan margins. The Senate passed it 64-33, with 17 GOP senators supporting it, while the House quickly followed suit with a 243-187 vote that included 24 House Republicans in favor, even though party leaders began urging their ranks to vote against it after Democrats advanced a separate sweeping bill focused on climate and health care.
The administration has also repeatedly portrayed this legislation as a critical component in countering the influence of a rising China and ensure the U.S. can maintain a competitive edge against Beijing, particularly in semiconductor manufacturing. Administration officials have held multiple briefings for lawmakers to sketch out the national security implications of this bill, and Biden noted during his remarks Tuesday that the Chinese government had lobbied U.S.
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