On July 20, local time, according to Reuters, the U.S. Senate voted on Tuesday to initially pass a short version of the "Chip Act" to provide billions of dollars in subsidies and tax credits for the semiconductor industry to ease the shortage of semiconductors in the United States.

The Senate passed a procedural measure with 64 votes in favor and 34 against, setting the stage for a possible vote by both chambers of the Senate and House of Representatives to pass the "chip bill" by the end of next week, the report said.

The report believes that the bill is part of a number of U.S. efforts to address China’s rise and ease supply chain problems by reducing U.S. companies’ reliance on foreign-made semiconductors.

The final text of the bill was not released until the end of the voting process, but Senate aides said the move included about $54 billion in subsidies for U.S. semiconductor companies and a new four-year 25 percent tax credit to Encourage chip companies to build factories in the United States. The tax credit is estimated to be worth about $24 billion.