The New York Times is reporting this Tuesday morning that the US Department of Commerce announced its plan for investing $50 billion in the domestic semiconductor industry, in a bid to counter China.

Gina Raimondo, the Secretary of Commerce, said in an interview, “the department is aiming to begin soliciting applications for the funding from companies no later than February, and it could begin disbursing money by next spring.”

Over the weekend, Bloomberg reported that US President Joe Biden’s administration is considering restricting investment in Chinese technology companies.

Market reaction

The US dollar index is keeping its corrective downside intact around 109.50, despite the renewed buying seen around the Treasury yields across the curve.