Headline RoundupMay 20th, 2022

Biden Lauds Tech Cooperation with South Korea on Asia Trip

Summary from the AllSides News Team

On his inaugural trip to Asia as President, U.S. President Joe Biden visted a Samsung semiconductor manufacturing plant in South Korea that is considered a model for a new $17 billion factory that Samsung plans to build in Taylor, Texas.  During the course of the five day trip, Biden will be conveying a message of diplomatic and economic commitment with an eye on China and Russia's war on Ukraine.

Samsung employs more than 20,000 Americans in Texas and California. Newly inaugurated South Korean President Yoon Suk Yeol said that semiconductor chips produced by Samsung will be essential for artificial intelligence and self-driving vehicles and are essential for any country's compettiveness.  He also urged Biden to provide incentives for U.S. and South Korean businesses to invest in each other's countries.

Meanwhile, Biden is calling for passage of a bill in Congress meant to boost U.S. competitiveness against China. House and Senate negotiators are working to finalize this bill, which the Biden administration hopes will ultimately strengthen supply chains, lower costs to consumers, and boost competitiveness against Chilna.  The bill, which was approved by the House in February, would funnel significant funds into U.S. research and development projects.

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