WASINGTON (NEXSTAR) – President Joe Biden is in Asia right now to meet with International Leaders. As he works to strengthen ties with U.S. allies, he’s also talking about American challenges.
The president’s first stop was in South Korea, where he toured a Samsung computer chip factory. That plant will be the model for one being built in Tyler, Texas.
“Investments like these are going to help catapult us forward toward a clean energy future which we both badly need, advancing our shared economic growth, our energy security and our climate goals,” Biden said.
President Biden says closer ties with closer partners like South Korea are important for stronger supply chains.
“This is the moment, in my view, to invest in one another, to deepen our business ties, to bring our people even closer together,” Biden said.
The president believes boosting semiconductor production is key to America’s future. That’s why his administration is urging Congress to pass the Bipartisan Innovation Act.
National Economic Council official Bharat Ramamurti says it will help lower costs.
“That bill would invest $450 billion in improving our domestic manufacturing capacity,” Ramamurti said. “This is going to have an important impact on inflation – not tomorrow, but soon. And it means that we’ll be less vulnerable to the types of shocks that we’re seeing right now that are driving up prices.”
The Biden administration believes both that legislation and the partnership with Asian allies are essential building blocks of the American economy.
“Improve our long-term resilience, increase our shared prosperity and put our people in the best position to come out ahead in the competition,” Biden said.