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US Senate Adopts US $ 250 Billion Innovation and Competition Bill, Aimed to Counter the Global Impact of Chinese Technology and Boost US Innovation
The US Senate has passed a law designed to empower US science and technology innovation to better compete with China.
The U.S. Comprehensive Innovation and Competition Act passed 68:32 after receiving bipartisan support in the Senate.
The passage of the bill was warmly welcomed by President Joe Biden, who said the “Legislation addresses key elements that were in my American employment plan, and through this bipartisan effort I am encouraged to advance those elements separately through this bill” .
“It is long time we invested in American workers and American innovation,” said President Biden. “Along with the American Jobs Plan, the US Innovation and Competition Act would make generational investments in research and development and advanced manufacturing to help us grow important industries and create the jobs of the future.”
“It will enable us to discover, build and improve the most important technologies of tomorrow – from artificial intelligence to computer chips to lithium batteries used in smart devices and electric vehicles – right here in the United States”, said Biden. “By strengthening our innovation infrastructure, we can lay the foundation for the next generation of American jobs and American leadership in manufacturing and technology.”
And he made it clear that the United States will continue to regard China as a trade rival in the future.
It comes after US intelligence agencies warned in April that China, the world’s second largest economy, posed an “unprecedented” security threat.
Indeed, officials cautioned Beijing’s increasing efforts to suppress its regional opponents and expand its military might, while at the same time struggling to achieve technological superiority around the world.
“We are in a competition to win the 21st century and the starting shot has been fired,” Biden admitted this week. “As other countries continue to invest in their own research and development, we cannot risk falling behind.”
“America must maintain its position as the most innovative and productive nation on earth,” he concluded. “I look forward to working with the House of Representatives on this important bipartisan law, and I look forward to getting it signed as soon as possible.”
What exactly is the “US Innovation and Competition Act” and what does it contain?
The US Innovation and Competition Act of 2021 (USICA) provides more than $ 200 billion for scientific and technological innovations in the US and $ 52 billion specifically for increasing domestic production of semiconductors and telecommunications equipment in the next five years America before.
The bill was originally called the Endless Frontier Act, but was expanded in May by Senate Majority Leader Chuck Schumer and renamed the US Innovation and Competition Act.
In addition to trying to boost US technology production and funding research and innovation, the legislation also seeks to counter China’s influence through diplomatic means, namely to work with allies and increase US engagement in international organizations.
This is in stark contrast to the approach taken by former US President Donald Trump, whose administration began a trade war with China in 2018.
Tensions in China
Despite the arrival of US President Joe Biden, who has not noticeably softened US stance towards China, relations between the two countries remain tense.
In particular, the US has imposed far-reaching sanctions on Chinese tech companies, including telecommunications giant Huawei.
America also put pressure on its allies not to use Huawei’s 5G equipment, initiating the arrest of Huawei CFO Meng Wanzhou in Canada in December 2018.
Copyright The Globe and Mail.com
The bill must be approved by the House of Representatives before being sent back to the White House for approval.