![U.S. House passes competition act to take on China [CGTN-CFP]](https://i0.wp.com/usachinatrading.com/wp-content/uploads/2022/02/U.S.-House-passes-competition-act-to-take-on-China-CGTN-CFP.png?resize=525%2C295&ssl=1)
The U.S. House of Representatives passed on Friday a multi-billion-dollar bill aimed at increasing American competitiveness with China and boosting U.S. semiconductor manufacturing. The America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (America COMPETES) Act of 2022 seeks to bolster U.S. manufacturing and R&D, and reduce dependence on China for semiconductors.
The bill authorizes about $300 billion for research and development, including $52 billion to subsidize semiconductor manufacturing and research into key components used in autos and computers. It also earmarks $45 billion over six years to ease supply-chain problems that have exacerbated shortages.