Biden Urges Passage of Semiconductor Innovation Bill, Mentions Samsung

President Joe Biden of the United States [Photo by AP Yonhap News]

[Asia Economy Reporter Park Byung-hee] On the 6th (local time), U.S. President Joe Biden called for the bipartisan passage of an innovation bill to invest in key industries such as semiconductors, pointing out that foreign companies like Samsung now occupy the position once held by the U.S. as a leader in manufacturing.

On that day, President Biden visited a steel production plant in central Ohio, one of the major battlegrounds for the upcoming November midterm elections. In his speech, Biden emphasized, "If the innovation bill is passed, we can restore this country's leadership just as the U.S. did 30 or 40 years ago."

Earlier, the U.S. Senate passed the innovation bill last July through bipartisan agreement to focus on fostering key industries such as semiconductors and artificial intelligence (AI) to counter China. In the House of Representatives, a semiconductor industry promotion bill drafted by the Democrats has been separately introduced and is undergoing a merger review process with the bill passed by the Senate.

President Biden specifically mentioned the recent semiconductor supply shortage, stating, "Industrial leadership no longer rests solely with Intel," and added, "Foreign companies like Samsung and TSMC are manufacturing semiconductors." He continued, "They (Samsung and TSMC) have already established bases in Arizona and Texas," underscoring the necessity of passing the innovation bill.

Biden also stressed, "If the bill is passed, it will help lower prices, bring jobs back to households, and revive American manufacturing," adding, "This will also strengthen our economy and national security."

President Biden openly revealed his stance against China by saying, "It is not surprising at all that the Chinese Communist Party is hiring lobbyists to block the passage of the bill."

This content was produced with the assistance of AI translation services.