US-China tech war: US Senate said to be mulling US$30 billion in funding to boost semiconductor industry
- US lawmakers are crafting a new bill to enhance US competitiveness against China in key tech areas such as artificial intelligence and semiconductors
- The package to shore up the US tech sector may include provisions to curb China’s access to US capital markets
The US Senate is considering including in a new bill to boost competitiveness against China US$30 billion in funding for previously-approved measures to supercharge the country’s semiconductor industry, a congressional source said on Thursday.
Lawmakers aim to bring the package, which would include other elements to boost the US tech sector, to a full vote in April, the person said, declining to be named because the legislation has not been finalised.
The source, who is involved in the effort, said that the Schumer-led package is likely to have provisions curbing China’s access to US capital markets, a focus of the Trump administration’s crackdown on Beijing.
A spokesman for US Senate Majority leader Chuck Schumer, who is spearheading the new package, did not respond to a request for comment.
Schumer said last month he had directed lawmakers to craft a new bill to boost US competitiveness against China, based on legislation he and Republican Senator Todd Young proposed last year to provide funding of US$100 billion to spur research in key tech areas, from artificial intelligence to quantum computing and semiconductors.