It’s gonna be a high wire act….
China wants to eclipse America in EVERY way….
Schumer wants pump money into American tech to blunt China…
But America actually does Billions in trade with China which reaches almost every American’s daily life….
After months of discord and delay, the House will soon be moving ahead on Senate Majority Leader Chuck Schumer’s China-targeted $250 billion U.S. Innovation and Competition Act, bolstered by a bipartisan consensus that the U.S. government needs to act decisively to better compete with China.
But Beijing isn’t taking this lying down: Its officials have warned that reprisals are coming, should the bill become law, and experts caution that the effect could be severe on key U.S. economic sectors….
Beijing has promised retaliation if the bill makes it through Congress but has not given specifics. China experts say those reprisals may include deliberate disruptions in imported parts’ supplies for U.S. manufacturers and curbs on Chinese purchases of U.S. exports. With supply chains already strained to the breaking point, Beijing’s response could test Biden and Chinese leader Xi Jinping’s resolve to create a less-rancorous U.S.-China relationship.
“Given our mutual dependency, it’s impossible to completely insulate [U.S.] businesses and consumers from [Chinese] reprisals in the near term,” said Sen. Todd Young (R-Ind.), whose Endless Frontier Act, designed to “outcompete China” in emerging technologies, was incorporated into Schumer’s bill in May. “Ultimately passing USICA and ensuring U.S. leadership in these critical areas is the best way we can insulate our businesses and consumers in the longer term … and demands that we assume some risk in the short term.”
USICA integrates multiple China-targeted bills — the Endless Frontier Act, the Strategic Competition Act of 2021 and the Meeting the China Challenge Actamong them — into one massive 2,276-page piece of legislation. It’s designed to preserve a competitive technological edge over China through the injection of tens of billions of taxpayer dollars for various initiatives, including U.S. semiconductor manufacturing and “buy American” requirements for federally funded infrastructure projects.
“We have been clear publicly and privately with [China’s government] that we intend to strengthen our own competitive hand, and the investments outlined in this legislation do just that,” a senior administration official told POLITICO.
But USICA also includes multiple provisions that specifically address Chinese threats to the U.S. economy, including state-directed intellectual property theft, forced technology transfers and malicious cyberattacks on U.S. government and corporate entities. The bill’s reach extends to a ban on government agency purchases of Chinese manufactured drones as well as prohibiting the use of government hardware to download TikTok, the Chinese video social network platform….
Donald Trump was more direct….
After his efforts to ‘talk’ the Chinese on a ‘deal’?
He went to China import fees/tariff’s.….