The US invests $280 billion in technology.
US President Joe Biden has signed a law providing $280 billion for technology manufacturing and scientific research amid fears the country is losing its technological edge to China.
The investments include tax breaks for companies that build factories to make computer chips in the US.
Business groups have long called for more support from the government, citing the need to reduce dependence on China.
Meanwhile, a global shortage of chips increased the urgency of their calls. Democrat Chuck Schumer said the bill was a “game changer” that would ensure American leadership and prosperity into the next century.
The United States currently produces roughly 10% of the global supply of chips, which are key to everything from cars to cellphones, up from nearly 40% in 1990.
The European Union this spring said it would commit more than 40 billion euros to boost production of computer chips, while China has also increased its investment in science and technology.
