Senate Majority Leader Chuck Schumer (D-N.Y.) on May 3 unveiled a new Democrat proposal aimed at staving off competition from China, boosting U.S. economic investment, and deterring Beijing from escalating conflict with Taiwan.
A blueprint of the proposal dubbed the “China Competition Bill 2.0,” builds off legislation signed into law last summer authorizing more than $170 billion over five years to bolster domestic scientific research and $52 billion in new subsidies for manufacturers of semiconductors; an essential component in everything from electronic devices such as mobile phones to electric vehicles.
According to a press release, the bill aims to limit the flow of advanced technology and investment to the Chinese Communist Party (CCP) through exporting control laws, identify opportunities for new sanctions, and deter the Chinese regime’s coercion….