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US Senate passes tech & manufacturing bill that takes on China

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Biden

The US Senate has passed a bipartisan tech and manufacturing bill that will take on China

The legislation, intended to boost the county’s ability to compete with Chinese tech was passed on Tuesday. The Senate voted 68-32 to approve the sweeping package of legislation.

The measure authorises approximately $190 billion for provisions to strengthen US technology and research.

The legislation would also separately approve spending $54 billion to increase manufacturing and research into semiconductor chips and telecommunication equiptment.

The next stages

The bill must now pass the House of Representatives in order to be sent to the White House for Biden to sign into law.

Currently, it is not clear what legislation in the House will look like or when it might take it up.

The bill has a number of other China-related provisions including prohibiting the social media app TikTok from being downloaded on government devices and would block the purchase of drones manufactured and sold by companies backed by the Chinese government.

It would also allow diplomats and Taiwanese military to display their flag and wear their uniforms while in the United States on official businesses.

Senate Majority Leader Chuck Schumer, warned of the consequences of not funding research to keep up with China.

“If we do nothing, our days as the dominant superpower may be ending. We don’t mean to let those days end on our watch. We don’t mean to see America become a middling nation in this century,”

President’s Response:

President Joe Biden also praised the bill: “

We are in a competition to win the 21st century, and the starting gun has gone off … We cannot risk falling behind.”

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Money

Why “Stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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Will Tesla’s supercharger layoffs eventually payoff?

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Tesla CEO Elon Musk dissolves supercharging team, leaving customers stranded.

Elon Musk’s decision to disband Tesla’s electric vehicle charging team has left customers concerned about the future of the company’s charging infrastructure.

The move comes as a surprise to many, considering Tesla’s commitment to expanding its charging network to support its growing fleet of EVs #featured

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TikTok’s fate in the United States

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TikTok’s fate in the United States has never been more in doubt.

Congress approved a bill, which President Joe Biden signed into law that gives its Chinese parent company two options: sell it to an approved buyer or see it banned.

But now, the owners of the popular social media app says they’re preparing to challenge the statute in court.

Andy Keiser a Senior Fellow at the National Security Institute, and a Former Senior Advisor for the House Intelligence Committee joins Veronica Dudo to discuss. #IN AMERICA TODAY #featured #business #socialmedia #TikTok #TikTokban #nationalsecurity

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