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The Exchange - Aug 12, 2022

2022-08-12
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  • CHIPS and Science Act Signed Into Law | President Biden has signed into law the $280 billion CHIPS Act to compete with China. $52.7 billion of the funding will go directly to semiconductor manufacturing. Supporters say the legislation will make the U.S. a stronger technological competitor and is estimated to lower energy costs for Americans.
  • China Exercises Military Drills And Issues White Paper on Taiwan | China has ended its extensive military exercises around Taiwan and announced regular patrols in the region. It has also issued its third Taiwan White Paper, which lays out its vision in the post-reunification era. People see that China is trying to speed up the reunification process with Taiwan, although the U.S. and its allies claimed that China made use of Pelosi’s visit as an excuse for further aggression. The U.S. military shrugged off Beijing's increasing pressure on Taipei and said it would send ships and planes to the area as usual.
  • U.S. Senate Passes Climate Bill | The U.S. Senate passed a climate and energy bill this week that will dedicate billions of dollars to cleaner energy sources as the U.S. works to lessen its reliance on fossil fuels. The Bill, which includes the largest U.S. expenditure to fight global warming, will now move to the House of Representatives for a vote. American Democrats are optimistic that the Bill will pass, while Republicans criticize the Bill for not addressing the economy, a top concern among Americans.


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