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.
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