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The U.
S.
Senate passed a cross-party infrastructure investment bill totaling approximately US$1 trillion on the 10th
.
Subsequently, the major U.
What kind of dry goods does 1 trillion dollars have?
The Senate passed the "Infrastructure Investment and Employment Act" with 69 votes in favor and 30 votes against
.
The bill includes funding for existing federal public works projects, and an additional investment of approximately US$550 billion in five years to build roads, bridges and other transportation infrastructure, as well as to update and improve water supply systems, power grids, and broadband networks
After several months of negotiations, the White House and representatives of both parties in Congress reached a preliminary agreement on an infrastructure investment plan of approximately $1 trillion at the end of June, and final details were finalized in early August
.
Its investment scale is much lower than the US$2.
25 trillion infrastructure investment plan proposed by US President Biden earlier this year
In addition to the reauthorization of existing federal public works project expenditures, the biggest highlight of this bill, which has gone through several months of negotiation, is an increase of $550 billion in infrastructure investment
.
110 billion U.
S.
How did the parties react?
How did the parties react? On Tuesday, the three major U.
S.
stock indexes closed mixed.
The Dow and the S&P 500 index set intraday and closing record highs on Tuesday, rising 0.
46% and 0.
10%, respectively
.
Energy stocks generally rebounded.
After experiencing a sharp drop on Monday, international oil prices ushered in a strong rebound on Tuesday
.
As of the close of the day, the price of light crude oil futures for September delivery on the New York Mercantile Exchange rose by US$1.
The American Petroleum Institute (API) said it supports key initiatives in the Infrastructure Act
.
API issued a statement saying: "(The Infrastructure Act) recognizes the importance of energy infrastructure to American households and businesses, which is encouraging
.
Specifically, this agreement contains key support for the development of innovative technologies, such as carbon Capture and hydrogen, these advancements will help combat climate change
The American Chemistry Council (ACC) welcomed the passage of the infrastructure bill by the Senate, adding that it would stimulate the development of advanced materials that rely on chemistry
.
However, the ACC is still "seriously concerned" about the bill's decision to reinstate the super fund tax on 42 products
.
Many products produced by the chemical industry are used in infrastructure construction and vehicle manufacturing.
In particular, electric vehicles often require lightweight materials such as plastics
.
According to a report by ACC, the plastic polymers used in light-duty vehicles have increased from less than 20 pounds per vehicle in 1960 (9 kilograms per vehicle) to more than 400 pounds per vehicle in 2020
.
In addition, light vehicles will use 243 pounds of rubber, 49 pounds of rayon and 33 pounds of paint in 2020
.
Therefore, the bill will bring significant benefits to the chemical industry
.
However, ACC believes that due to the new consumption tax imposed by the Super Fund on 42 chemicals, key minerals and metal elements, the competitiveness of the U.
S.
global manufacturing industry will be threatened, and consumers will pay higher prices for various commodities, including some Commodities needed for infrastructure development and climate improvement
.
At this time, Americans are already struggling with soaring inflation and rising prices
.
In the past decade, the chemical industry has been a driving force for investment and job creation in the United States
.
According to estimates, the restoration of the Super Fund consumption tax on chemical manufacturers is expected to reach 13 billion U.
S.
dollars
.
The ACC warned: “If implemented, these new taxes will weaken the country’s competitive advantage
.
Congress must avoid any additional tax policies that would harm the US chemical manufacturing industry
.
”
The American Association of Contractors (AGC) said in a statement that the investment will increase demand for construction services and materials
.
It urged the House of Representatives to pass the bill as soon as possible
.
However, the fate of the plan in the House of Representatives is still uncertain
.
The Speaker of the House of Representatives Pelosi has said that she hopes that after the Senate passes the Infrastructure Investment Bill and another $3.
5 trillion spending bill, the House of Representatives will review the two bills together
.
