The America COMPETES Act of 2022, introduced in the House last week, addresses some of the most pressing economic issues facing the Biden administration, including the global shortage of semiconductor chips and supply chain disruptions.
Those problems have hamstrung the administration's efforts to help the economy recover from the Covid-19 pandemic.
Once a leader in semiconductor chip manufacturing, the US has lost ground as other countries like China ramped up production, forcing many American manufacturers to import chips made elsewhere. The share of semiconductor manufacturing capacity located in the US has decreased from 37% in 1990 to 12% today, according to the Semiconductor Industry Association.Changes to trade policy
The House bill would also reauthorize the Generalized System of Preferences, a tariff program that eliminates duties on thousands of products from the world's poorest countries -- but the bill adds new eligibility criteria concerning the environment, labor standards and human rights. The bill would empower the Office of the US Trade Representative to review and potentially block US companies from moving manufacturing abroad if the product is critical to the nation's supply chain or a threat to national security.
Similar to the Senate bill, it would create a new initiative within the Department of Commerce to help promote the resiliency of the nation's supply chains. The House bill would establish an office that would monitor supply chains, identify vulnerabilities and designate which products are critical. The agency would also be tasked with building up stockpiles to prevent shortages of goods in the event of a future supply chain shock.
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