“We have the power…if the conditions are not met, the federal funds will be recovered.”
Possibility of industry-wide impact when measures are taken… Repeated mention of investment cases of Korean companies
U.S. President Joe Biden has emphasized economic security and has taken a firm stance on ensuring that companies that receive U.S. tax assistance in key industries such as semiconductors do not invest in China.
Since taking office, President Biden has maintained a consistent stance by putting China’s checks on the top priority of his foreign and security policies, but he raised the level of pressure by referring to specific measures such as the withdrawal of subsidies, so additional measures are noteworthy in the future.
As Samsung Electronics and others are already making large-scale investments in the US, and the forward and backward effects of the semiconductor industry itself are extensive, it seems difficult to rule out the possibility that the policy direction will affect the overall market, including the domestic industry.
President Biden attended the groundbreaking ceremony for Intel’s new semiconductor plant in Ohio on the 9th (local time) and said, “I have urged the administration to focus on putting in place safeguards to protect taxes.” We will make it clear that we do not invest in China.”
“It’s a matter of security,” Biden said. “We have the power.
“If companies don’t meet these conditions, they will withdraw federal funds.”
The Semiconductor Industry Promotion Act, signed and promulgated by President Biden on the 9th of last month, has been the subject of controversy because it contains a guardrail clause that prevents companies receiving U.S. subsidies and subsidies from building high-tech semiconductor factories in China. .
Ahead of the November midterm elections, President Biden continues to emphasize the revival of U.S. manufacturing.
In a recent speech, he said, “The phrase ‘made in America’ is no longer a slogan.
This is a reality for my government, and I will keep my promise to rebuild the economy from the ground up.”
He also said, “We must produce semiconductors right here in the United States to lower costs and create quality jobs. It’s pouring out,” he said.
“Industry leaders are choosing the United States[for their investment destination]because America is back and leads the industry,” he added.
In this speech, President Biden also mentioned the investment case of Korean companies as an example of the excellent investment environment in the United States.
He said, “I met a business leader in Korea and asked him why he invested a large amount in the US.” He said, “It is because the US is the safest country in the world and has the best labor force.”
President Biden, referring to the same example in a speech on Labor Day on the 5th, asserted that “we are building the future of America, and the future of America will be made by American workers in American factories.” have done
During a visit to South Korea in May, President Biden met with Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun.
In July, despite the novel coronavirus infection (COVID-19) quarantine, he held a video interview with SK Group Chairman Choi Tae-won.
/yunhap news
