U.S. Commerce Secretary Gina Raimondo said Wednesday the Chinese government opposes an effort in Congress to ramp up U.S. semiconductor manufacturing because it will give the United States more of a competitive punch.
On Thursday, U.S. lawmakers will open formal negotiations on a compromise measure that would fund $52 billion in semiconductor manufacturing subsidies and boost U.S. competitiveness with Chinese technology. It could still take months to reach a final deal.
Raimondo said she had heard the reports China was lobbying U.S. businesses, saying they were "deeply concerning ... The reason China is so against it is because they know how important it is for us."Reuters reported in November China's embassy in Washington had sent letters pressing executives to urge members of Congress to alter or drop specific bills that seek to enhance U.S.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China may chalk up more debt as lockdowns hit the economyChina may have to issue more debt as it tries to keep growing in the face of Covid lockdowns that are stunting its economy.
Read more »
GE unit boosts medical dye output as China COVID lockdown cuts suppliesGeneral Electric's healthcare unit said on Tuesday it had increased output of dye used for medical scans and tests at its factory in Ireland and shipped products by air to help combat shortages caused by the suspension of its Shanghai factory.
Read more »
China medical experts say zero-COVID strategy buys time to vaccinate more peopleChina's tough zero-COVID measures remain essential to defeat the pandemic and buy time to improve vaccination rates and develop new treatments, senior health advisers wrote in recently published reports.
Read more »
Asian markets mixed, though China stocks surge higherShares were mixed in Asia on Wednesday with Chinese benchmarks pressing higher after a rally in technology companies helped reverse most of an early slide on...
Read more »
Taiwan activist released from China says global help workedA Taiwanese human rights activist who served five years in jail in China spoke out Tuesday, said that international pressure and the tireless advocacy by his wife worked to ensure his safe return to Taiwan.
Read more »
US, China clash at UNSC over North Korea's nuclear testsUS and China take opposing sides at UNSC over North Korea's nuclear tests as Washington seeks more pressure with sanctions while Beijing calls for dialogue
Read more »