2023-08-10 05:49:00
In the competition for world leadership between the United States and China, an important step has just been taken. President Joe Biden on Wednesday signed an executive order that provides that American companies will no longer be able to freely invest abroad in the most advanced technologies, such as artificial intelligence (AI) or the quantum computer, if it concerns “problematic countries”such as China.
Beijing immediately protested “solemn” through diplomatic channels. “China is extremely unhappy and strongly opposes the United States’ insistence on introducing restrictions on investment in China”a Foreign Ministry spokesperson said in a statement.
In the name of “national security”
This decision, taken on behalf of the defense “national security” American, responds to the Biden administration’s fear of seeing China benefit from American investments in terms of technology transfer but also through support in setting up production lines, knowledge exchange and access to the markets.
At the same time, Joe Biden was in New Mexico to promote his industrial policy, and provide after-sales service for his two major investment plans, including the “CHIPS and Science Act”, which is celebrating its first anniversary, and must bring semiconductor manufacturing back to America.
“Where does it say America can’t be first again in manufacturing? Because that’s exactly what we’re going to do.”, promised the 80-year-old Democrat, who is seeking a second term in the White House. Its other investment plan, the “Inflation Reduction Act” (IRA), is a pharaonic energy transition project promulgated on August 16, 2022.
Making the Grants Flow
Each time, the same logic: to make flow with floods the subsidies, to multiply the tax incentives in order to encourage the production and the development, in the United States, as well of the electric cars as of the semiconductors of the future. This policy of uninhibited industrial sovereignty is upsetting the traditional allies of the United States. Too bad, because Joe Biden has other priorities. On the national level, he must regain, at least in part, the workers’ vote captured by his predecessor Donald Trump. On the diplomatic level, the priority is to stand up to China, at all levels: military, economic, technological.
In New Mexico, Joe Biden inaugurated the construction of a manufacturing line for wind towers of the Arcosa group, which takes over from a manufacturer of disposable tableware and a factory of plastic structures which have gone bankrupt. “When I think climate, I think jobs. I don’t think of all the dangers, (…) but to jobs (created) to fix the problem.”said the president.
The American president, after a stop on Tuesday at the Grand Canyon focusing more on the environment, this time devoted himself to employment and the economy, other essential subjects in the run-up to the presidential election of 2024.
“Factory construction contributed more to gross domestic product last quarter than at any time in 40 years. Instead of exporting American jobs, we are creating American jobs and exporting American products”underlined the Democratic president.
“Restore the American Dream”
« Bidenomics (economic policy of Joe Biden) is just another way of saying ‘restore the American dream'”, said Joe Biden again. A nod to Donald Trump, who promises, with his slogan, to “Make America Great Again”.
The American executive ensures that since the signing of the IRA some 110 billion dollars of investments in clean energies have already been announced in the United States. It estimates at more than 166 billion dollars the investments in the production of electronic components in advanced technologies due to the “CHIPS and Science Act”.
Neck and neck in the polls with Donald Trump
The Democrat, handicapped with voters by his age, knows that his electoral destiny is played out as much in the factories as in the courts. Voluble on his economic and social policy, the American president remains stubbornly silent on the legal affairs of the one who has every chance of being his rival again in 2024, Donald Trump. The polls, admittedly insignificant more than a year before the election, have so far given the two men neck and neck, despite the charges that are piling up for the Republican billionaire.
1691647102
#Washington #halts #investment #Chinese