Senate passes China competition Bill to start talks with House

WASHINGTON (BLOOMBERG) – The Senate on Monday (March 28) passed its version of a long-stalled Bill to aid the domestic semiconductor industry and bolster US competitiveness with China, a key step needed to kick off negotiations with the House on final legislation. The Senate voted 68-28 for the plan, which includes US$52 billion (S$70.82 billion) in grants and incentives to bolster chip manufacturing as well as provisions aiming to jump-start innovation and bring key industries back to the US amid a global supply chain crunch. “America cannot afford to come in second place when it comes to technologies like 5G,…