Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Senate advances sweeping tech bill taking aim at China

CommoditiesMay 27, 2021 08:56PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Chinese and U.S. flags flutter outside a company building in Shanghai, China April 14, 2021. REUTERS/Aly Song

By Patricia Zengerle and David Shepardson

WASHINGTON (Reuters) -The U.S. Senate on Thursday advanced a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology, as Congress increasingly seeks to take a tough line against Beijing.

Senators voted 68-30 to end debate on the $250 billion U.S. Innovation and Competition Act of 2021, or USICA, and move nearer to a final vote on the legislation.

The desire for a hard line in dealings with China is one of the few truly bipartisan sentiments in the deeply divided U.S. Congress, which is narrowly controlled by President Joe Biden's fellow Democrats.

Senate Democratic Majority Leader Chuck Schumer, who co-wrote the USICA legislation, said the United States spends less than 1% of gross domestic product on basic scientific research, less than half of what China does.

"We have put ourselves in a very precarious position of potentially falling behind the rest of the world in the technologies and industries that will define the next century," he said in Senate remarks urging support for the bill.

The Chinese embassy in Washington did not immediately respond to a request for comment on the legislation.

The exact timing of a final Senate vote was not clear, as lawmakers continued to debate next steps behind closed doors on Thursday evening.

Once it passes the Senate, the bill must also pass the House of Representatives to be sent to the White House for Biden to sign into law.

The measure authorizes about $190 billion for provisions to strengthen U.S. technology in general, plus $54 billion specifically to increase production of semiconductors, microchips and telecommunication equipment.

The legislation also seeks to counter Beijing's growing global influence through diplomacy, by working with allies and increasing U.S. involvement in international organizations after former Republican President Donald Trump pulled Washington out as part of his "America First" agenda.

As it considered the legislation, the Senate approved by 91-4 an amendment backed by Republican Senator Mike Crapo and Democratic Senator Ron Wyden to retaliate against what they consider China's anti-competitive trade practices and bar products determined to have been produced using forced labor.

U.S. Senate advances sweeping tech bill taking aim at China
 

Related Articles

Brent oil near $80 a barrel on tighter supplies
Brent oil near $80 a barrel on tighter supplies By Reuters - Sep 28, 2021 2

By Ahmad Ghaddar LONDON (Reuters) - Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit...

Crude Oil Higher; Supply Tightens as Demand Rises
Crude Oil Higher; Supply Tightens as Demand Rises By Investing.com - Sep 28, 2021

By Peter Nurse    Investing.com -- Oil prices powered ahead Tuesday, climbing for the sixth consecutive session, boosted by a tight supply outlook while demand picks up as Covid-19...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Ad Cline
Ad Cline May 28, 2021 12:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
progressives are saying it's about time we confronted China and it's criminal behavior. Chinese brutality and it's attempts at genocide must be punished.
Wayne Gillispie
Wayne Gillispie May 27, 2021 10:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Don’t forget, we’re also way behind the power curve on solar, lithium batteries and inverters. You guys reaped the benefits of cheap labor, gave away manufacturing knowledge and equipment. Now we’re scrooed.
Daniel Hodel
Daniel Hodel May 27, 2021 10:01PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I thought Trump made the bigliest, most beautiful trade deal with China. What happened?
milena villa escobar
milena villa escobar May 27, 2021 8:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
too little to late.  as usual
Steve Lora
Steve Lora May 27, 2021 8:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The progressives won't like this
Silence Dogood
Silence Dogood May 27, 2021 8:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
actually, the flakes are on board with this and more when it comes to China.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email