(Illustration: Chen Xia) U.S. President Joe Biden signed the CHIPS and Science Act into law on Tuesday with the aim of stimulating the country’s semiconductor industry and maintaining its technological supremacy. The act is actually an upgraded version of the Senate's 2021 U.S. Innovation and Competition Act (USICA), which had been moribund for a year as Republicans and Democrats were constantly at odds and Congress never ceased trying to stuff in anti-China provisions.
