"Why Korean Companies Invest in the US"…The Reason Biden Mentioned?

President Joe Biden of the United States [Photo by Reuters]

[Asia Economy Reporter Jeong Hyunjin] On Labor Day in the United States, President Joe Biden reiterated his commitment to the revival of American manufacturing, stating that companies from around the world, including Korea, are flocking to the U.S.

According to the full remarks released by the White House, President Biden visited Milwaukee, Wisconsin, and said, "Manufacturers from all over the world are coming to the United States," adding, "They are coming from Korea, Japan, and all over the world."

President Biden said, "Do you know what a Korean company representative told me as the reason they want to come to the U.S.?" He explained, "It is because we have the safest environment and the best workers in the world." He emphasized, "This is not just talk; it is true. We are building the future of America, and the future America will use American-made products made by American workers in American factories."

Ahead of the midterm elections in November, President Biden is highlighting the revival of American manufacturing by advancing key policies such as the Inflation Reduction Act. On the 2nd, he mentioned investment plans in the U.S. by companies including the American semiconductor firm Micron and Japanese automakers Toyota and Honda, saying, "Since I took office, the manufacturing sector, the backbone of the U.S. economy, has been revived." On the previous day, the 1st, he issued a statement regarding Micron's semiconductor plant investment, stating, "We will make electric vehicles, semiconductors, optical fibers, and other key components in the U.S."

However, concerns are rising in the Korean automotive industry as the recently passed Inflation Reduction Act limits subsidies only to electric vehicles assembled in the U.S., which could negatively impact Korean automakers.

Emphasizing the significance of Labor Day, President Biden stressed the importance of labor unions, his supporting base, saying, "The middle class built America. And labor unions built the middle class."

In his speech, President Biden also repeatedly warned against the far-right forces supporting former President Donald Trump. He stated, "If MAGA Republicans, the far-right Trump supporters, enter Congress, they will cut Social Security," and appealed, "Democrats, mainstream Republicans, and independents in this country, we all must be stronger than MAGA Republicans to protect American democracy."

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