US Senate advances sweeping semiconductor bill
The US took a key step towards reducing reliance on Chinese exports with the advancement of a key bill aimed at boosting the country's chip production. The legislation is expected to provide $52bn (£43bn) in incentives for the domestic manufacturing of semiconductors, as well as related research and development projects. It would also provide an investment tax credit for chip plants estimated to be worth $24bn (£19.8bn). The bill could become law as early as the end of the week, once it obtains final approvals from the Senate and the House of Commons. The proposed legislation has been praised, not only in terms of economic growth and the trade war with China, but also within the framework of national security. Senate Majority Leader Chuck Schumer called it "one of the most consequential…