Benzinga | May 19, 2021 12:46PM EDT

Democratic Senator Recommends $52B Chip Funding To Tackle China's Growing Tech Dominance: Reuters

* The U.S. Senate Democratic Leader Chuck Schumer pushed for a $52 billion U.S. semiconductor chip funding over five years to counter China's growing tech dominance, Reuters reports.

* The bill includes $39 billion in production and R&D incentives and $10.5 billion to implement programs like the National Semiconductor Technology Center, National Advanced Packaging Manufacturing Program, and other R&D programs, as previously reported.

* The bill also includes $1.5 billion in emergency funding to drive Western-based alternatives to Chinese equipment providers Huawei Technologies and ZTE Corp.

* Another provision forbids the download of the Chinese TikTok app to government devices over privacy and security concerns.

* President Joe Biden has pressed for $50 billion funding to tackle the rising semiconductor chip crisis that has affected every industry, including auto.

* China has invested over $150 billion in semiconductor manufacturing.

* U.S.'s share of semiconductors and microelectronics production plummeted from 37% in 1990 to just 12% at present.