The United States Senate on Wednesday passed sweeping legislation to subsidise the domestic semiconductor industry, hoping to boost companies as they compete with China and alleviate a persistent shortage that has affected everything from cars to weapons and video games.The Senate passed the long-awaited bill by 64 to 33 in a rare bipartisan move. The House of Representatives is expected to approve it as soon as later this week, which would send it to the White House for President Joe Biden to sign into law.The long-awaited “Chips and Science” act provides about $52bn in government subsidies for US semiconductor production, as well as an investment tax credit for chip plants estimated to be worth $24bn.
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