Biden: "I Attract Samsung Investment, Trump Causes Job Outsourcing"

“I told the Korean leader that I know the company Samsung. I said it would be good to invest in Samsung’s semiconductors in the United States. The total capital inflow to the U.S. has reached $50 billion (about 67 trillion won)."

U.S. President Joe Biden said this on the 25th (local time) at an infrastructure investment plan announcement event held in Superior, Wisconsin, highlighting the attraction of investment from Korean semiconductor and battery companies to the U.S. as one of his major economic achievements.

President Biden delivering a speech during a visit to Wisconsin
Photo by Yonhap News

원본보기 아이콘

In his speech that day, President Biden promoted his economic achievements while attacking Trump’s policies.

He criticized that he pursued a ‘bottom-up’ economic policy to strengthen the middle class, whereas Trump implemented a ‘trickle-down’ economic policy through tax cuts for the wealthy. He added, "Trump outsourced quality jobs overseas," and "by reducing wage expenditures and importing products, he shrank American jobs."

President Biden also emphasized, "My infrastructure investment has injected dynamism into the U.S. economy," and "the U.S. economy is growing at an astonishing pace." In particular, he claimed, "Economic growth is stronger than during the Trump administration." The U.S. GDP growth rate in the fourth quarter of last year was 3.3% annually, far exceeding the market expectation of 2.0%. Although it was lower than the 4.9% in the third quarter of last year, concerns about a recession were somewhat alleviated.

That day, President Biden also unveiled a $5 billion (about 6.7 trillion won) transportation project plan across the U.S., including a project to replace a bridge connecting Minnesota and Wisconsin.

The state of Wisconsin, which President Biden visited that day, was a decisive place where he, as a challenger in the 2020 presidential election, defeated then-President Trump and gained critical support for his election. Wisconsin is one of the representative swing states in the U.S. where no particular party gains overwhelming support. Biden’s announcement of the infrastructure investment plan here is also interpreted as an effort to tighten and induce support from the ‘home base (traditional supporters)’ who have withheld their support for him.

Meanwhile, according to a public opinion poll conducted by global research firm Ipsos with major foreign media from the 22nd to the 24th, President Biden trails Trump by 6 percentage points in both one-on-one and multi-candidate virtual matchups.

The Washington Post (WP) on the 24th (local time) forecasted that as Trump quickly solidifies his ‘front-runner’ status in the Republican presidential primary, the remaining election period is likely to be marked by negative exchanges between the two.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.