The US authorities are conscious of the need to maintain their lead in the technological sphere. The country seeks to bolster US competitiveness with other tech leaders, primarily with China. Therefore, the White House has decided to allocate $250 billion to boost its technology.
Given its importance, the bill easily gained support in Congress. "Whoever wins the race to the technologies of the future will be the global economic leader," Senate Majority Leader Chuck Schumer said, commenting on his party’s decision to endorse the initiative. "If we want American workers and American companies to keep leading the world, the federal government must invest in science, basic research, and innovation," he added.
The bulk of the sum, namely $190 billion, will fund technology and research institutions, the rest of the money will be spent on the development and production of chips and telecommunications equipment. Now the bill must be approved by the House of Representatives and then signed by US President Joe Biden, who is very serious about this bruising tech standoff with China. In February, he said that the US and its international partners must hold China to account for its economic practices. "We have to push back against the Chinese government’s abuses and coercion that undercut the foundations of the international economic system," Biden said in a speech.
Notably, the US-China trade war was initiated by Biden's predecessor, Donald Trump. After his departure, the relations between the countries were expected to improve, but those hopes were dashed.
