The New York Times reported on Sept. 17 that Senate Democrats have introduced a $350 billion plan to “counter” China. The bill, sponsored by Senate Democratic leader Charles Schumer of New York and Bob Mendendez of New Jersey, the ranking Democrat on the Senate Foreign Relations Committee, seeks to shore up the nation’s manufacturing capabilities and infrastructure in an attempt to unwind it from China’s economy and increase American firms’ competitiveness, the Times reports.
“America cannot continue to underinvest in our workers, manufacturing communities, science, technological research and trade enforcement or cede our leadership in the international community and expect to confront this threat,” said Schumer, a longtime China hawk. The legislation, he went on, “counteracts the Chinese Communist Party’s predatory trade practices and aggressive military behavior, reinvigorates our alliances and turns the tables by making essential investments in our workers, entrepreneurs and manufacturers.” The legislation, the Times reports, focuses heavily on bolstering American research and development in science and technology, authorizing $300 billion over four years for such efforts and investing another roughly $16 billion in the U.S. semiconductor industry to help the United States retain an edge over Beijing.
