Core Points - The "Big and Beautiful" tax and spending bill pushed by President Trump has been submitted to the U.S. Senate, with its fate uncertain after over 24 hours of marathon debate [1] - The bill aims to extend corporate and individual tax cuts enacted during Trump's first term, proposing to eliminate subsidies for renewable energy projects to offset tax revenue losses [1] - Analysts warn that this move could exacerbate the U.S.'s disadvantage in the "electrification race," as the country has lagged significantly behind Asia in energy transition since 2000 [1][3] Group 1 - A report from the UK think tank Ember indicates that the growth in electricity demand is driving Asian economies to rapidly develop their power equipment manufacturing industries, with countries like Vietnam, Bangladesh, and Indonesia increasing their electricity share in energy structures [3] - In contrast, the electrification levels in the U.S. and Europe have seen little growth over the past two decades, with the electrification rate in China nearing 30%, compared to around 22% for the U.S. and EU [3][5] - The lack of incentives for electrification in the U.S. is highlighted, as the country is a major oil and gas producer, unlike many Asian nations that are fossil fuel importers [5] Group 2 - The increasing power demand from data centers due to advancements in artificial intelligence is putting significant pressure on the U.S. electricity supply, compounded by equipment shortages and regulatory hurdles [5] - Trump's proposed bill to eliminate subsidies for wind and solar energy projects, along with amendments targeting the use of Chinese components in renewable projects, could hinder the U.S.'s electrification progress and its ability to meet growing electricity demands [5] - Elon Musk has warned that the implementation of the "Big and Beautiful" bill could lead to the destruction of millions of jobs in the U.S. and create strategic vulnerabilities in the future [5][6]