US Senate Passes China Containment Bill... 60 Trillion Won Investment in Semiconductors Only

The White House Also Unveils Supply Chain Measures

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The Biden administration and Congress, engaged in a technological hegemony competition with China, have simultaneously stepped up pressure on China. While the White House has prepared a blueprint to win the technological competition with China, the U.S. Senate has passed the China Deterrence Act on a bipartisan basis.

On the 8th (local time), the U.S. Senate overwhelmingly approved the China Deterrence Act with 68 votes in favor and 32 against, providing $250 billion (approximately 280 trillion KRW) to support the development and production of key industrial technologies, including semiconductors, where competition with China is intense.

According to the passage of this law, $190 billion (approximately 210 trillion KRW) will be invested in technology development over the next five years, with $54 billion (approximately 60 trillion KRW) specifically allocated to semiconductors. $2 billion (approximately 2.2 trillion KRW) has been allocated for semiconductor development for automobile parts. The passed bill consolidates various China deterrence laws that had been pending in the Senate.

On the same day, the White House released a report containing the U.S. supply chain disruption response strategy based on a whole-of-government review of four key areas: semiconductors, batteries, critical minerals such as rare earths, and pharmaceuticals.

This content was produced with the assistance of AI translation services.