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Elements of the bipartisan U.S. Innovation and Competition Act, a sweeping China-related package that could be approved by the Senate as soon as Friday, could help address the chip shortage in the form of an emergency appropriation.Why it matters: Production of everything from electronics and appliances to cars has been slowed down because of the shortage, which is expected to last until 2023.Get market news worthy of your time with Axios Markets. Subscribe for free.Automakers have been hit hardest. The average car needs between 50 and 150 chips. Ford and GM are temporarily shutting down plants because of the issue. What they’re saying: Commerce Secretary Gina Raimondo points to the shortage as proof that the U.S. needs to increase its chip-making capacity. "We are going to get it done. There’s no option," she told CNBC on Tuesday. The Senate is currently working through compromises on the legislation, which would provide $52 billion for semiconductor manufactur

The senateGina raimondoSemiconductor manufacturingChina relatedManufacturing sectorEmergency appropriationதி செனட்