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I just saw a story from Reuters (here) that a “sweeping semiconductor industry bill” has advanced in the Senate, and could be passed by both the Senate and House within the week. The story reports that the bill “provides about $52 billion in government subsidies for U.S. semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion.”
The stated justification, in the Reuters story, is “to make the domestic industry more competitive with China.”