June 11, 2021
Tensions with China have been high, and are escalating during the Biden administration, which has continued the Trump era’s tough stance on the country. A new piece of legislation reach the Senate this week that will target competition with China. The bill is limited in financial scope, but it targets $54 billion in subsidies related to semiconductors. This is aimed to reduce reliance on Taiwan, which looms as a larger geopolitical risk each year. The bill aims to boost manufacturing in the U.S. to level the playing field with research and innovation centers and other subsidies. Last week President Biden expanded the list of companies that were banned from U.S. investment due to ties with China’s Military.
(Washington)
FINSUM + Magnifi: This bill currently doesn’t have huge market implications outside the tech sector, but this legislation could continue to be tougher on Chinese trade.
Other news today: Gold Bullish but Eyes Still on Inflation and The Newest Tax Plan Could Cause an Imminent Correction
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