{"id":48807,"date":"2022-08-09T16:44:05","date_gmt":"2022-08-09T16:44:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/08\/09\/us-invests-280bn-in-high-tech-to-compete-with-china\/"},"modified":"2022-08-09T16:44:05","modified_gmt":"2022-08-09T16:44:05","slug":"us-invests-280bn-in-high-tech-to-compete-with-china","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/08\/09\/us-invests-280bn-in-high-tech-to-compete-with-china\/","title":{"rendered":"US invests $280bn in high tech to compete with China"},"content":{"rendered":"
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US President Joe Biden has signed legislation allocating $280 billion (\u00a3232 billion) to high-tech manufacturing and scientific research amid fears the country is losing its technological edge to China.<\/b><\/p>\n<\/div>\n

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The investments include tax breaks for companies that build factories in the US to make computer chips. <\/p>\n<\/div>\n

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Business groups have long been pushing for more government support, citing the need to reduce dependence on China.<\/p>\n<\/div>\n

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A global shortage of microchips increased the urgency of their calls.<\/p>\n<\/div>\n

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Top Senate Democrat Chuck Schumer said the bill is a “game changer” that will ensure American leadership and prosperity in the next century.<\/p>\n<\/div>\n

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“The authorities cheered us on for losing and hoped we would sit on our hands,” he said. “By passing the CHIPS and Science Act, we are making it clear that we believe another great American century is on the horizon.”<\/p>\n<\/div>\n

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The US currently produces about 10% of the world’s supply of semiconductors, which are critical to everything from cars to cell phones, up from nearly 40% in 1990.<\/p>\n<\/div>\n

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The country is not alone in investing in the industry. <\/p>\n<\/div>\n

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The European Union announced this spring that it would allocate more than 40 billion euros to boost computer chip production, while China has also increased its investment in science and technology.<\/p>\n<\/div>\n

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The Chinese embassy in Washington had spoken out against the semiconductor law, calling it a “Cold War mentality”.<\/p>\n<\/div>\n

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In addition to chip investments, the bill allocates about $200 billion to agencies like the National Science Foundation to boost investment in areas like robotics and wireless communications. <\/p>\n<\/div>\n

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Calling it a “once in a generation” investment, Mr. Biden said it’s already generating growth in the US, citing plans by Micron to spend $40 billion to manufacture memory chips, a project expected to create 40,000 jobs.<\/p>\n<\/div>\n

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It’s the latest achievement for the White House, which also recently struck a deal to advance a comprehensive plan to tackle climate change. <\/p>\n<\/div>\n

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Unlike that plan, which was rejected by Republicans, this bill received bipartisan support, although it marked a major expansion of the US government’s role into an area often left to the private sector.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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