US draft to ‘outcompete’ China, invest in alliances like India

Washington, Feb 24 (PTI):
US Senate Majority Leader Chuck Schumer has asked his Democratic colleagues to draft a legislative package to “outcompete” China, create new American jobs and invest in strategic partners and alliances like NATO and India. On a caucus call, Schumer discussed his push to direct Senate committees to draft a legislation to protect American jobs and outcompete China. He said his intention is to put the legislation on the Senate floor for a vote this spring.
I directed the chairs and members of our relevant committees to start drafting a legislative package to outcompete China and create new American jobs, Schumer said.
The new legislation, he said, must achieve three goals. They should enhance American competitiveness with China by investing in US innovation, American workers and American manufacturing; invest in strategic partners and alliances: NATO, Southeast Asia and India; and expose, curb, and end once and for all China’s predatory practices which have hurt so many American jobs, Schumer said. The legislation will have as its centrepiece a bicameral, bipartisan bill, the Endless Frontiers Act, which Schumer introduced last year with Senator Todd Young, Indian-American Congressman Ro Khanna and Senator Mike Gallagh in the House.
It will take the key cutting industries and make American investments so we will outcompete China in all of them. In addition, we will make serious investments in strengthening the US semiconductor industry to outcompete China and stop depending on foreign sources, Schumer said. He said at present semiconductor manufacturing is a dangerous weak spot in US economy and national security and that has to change.