Political Quotes

“as we all know, in recent years, China has emerged as one of the greatest competitors to the world order. Unfortunately, they don't play by the same rules that the rest of the international community plays by. The Chinese Communist Party is increasingly aggressive and well-resourced and has made no secret of its intent to gain more influence and power. For everything from national security to economic policy, there is a clear and urgent need to reorient the way our country views and responds to the challenge from China. I am glad the Senate is taking up an important step today through the U.S. Innovation and Competition Act. The cornerstone of this legislation, of course, is funding to bolster domestic semiconductor manufacturing so the United States can compete with China and secure some of our most critical supply chains. Nearly 90 percent of the semiconductors made in the world are made by countries in Asia, with Taiwan dominating the market with about 63 percent of that total of 90 percent. In fact, one company, Taiwan Semiconductor Manufacturing Company, accounted for more than half of the total foundry revenues last year. As I said, companies in Taiwan control 63 percent of the advanced semiconductor markets. If for any reason that supply chain was cut off, it would lead to very serious consequences across our entire economy.…”