The New York Times reports this Tuesday morning that the US Department of Commerce has announced its plan to invest $50 billion in the domestic semiconductor industryin an attempt to counter China.
Gina Raimondo, the Secretary of Commerce, said in an interview that “the department aims to start soliciting funds from companies no later than February, and could start disbursing the money by next spring.”
Over the weekend, Bloomberg reported that the administration of US President Joe Biden is considering restricting investment in Chinese tech companies.
Market reaction
The dollar index keeps its downside correction intact around 109.50, despite fresh buying seen around Treasury yields across the curve.
Source: Fx Street
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