Democratic Senator Recommends $52B Chip Funding To Tackle China's Growing Tech Dominance: Reuters

The U.S. Senate Democratic Leader Chuck Schumer pushed for a $52 billion U.S. semiconductor chip funding over five years to counter China’s growing tech dominance, Reuters reports.
The bill includes $39 billion in production and R&D incentives and $10.5 billion to implement programs like the National Semiconductor Technology Center, National Advanced Packaging Manufacturing Program, and other R&D programs, as previously reported.
The bill also includes $1.5 billion in emergency funding to drive Western-based alternatives to Chinese equipment providers Huawei Technologies and ZTE Corp.
Another provision forbids the download of the Chinese TikTok app to government devices over privacy and security concerns.
President Joe Biden has pressed for $50 billion funding to tackle the rising semiconductor chip crisis that has affected every industry, including auto.
China has invested over $150 billion in semiconductor manufacturing.
U.S.’s share of semiconductors and microelectronics production plummeted from 37% in 1990 to just 12% at present.