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Friday, June 24, 2022

Biden addresses trade and security issues in South Korea

SEOUL ( Associated Press) — U.S. President Joe Biden addressed both trade and security issues Sunday as he wrapped up a three-day tour of South Korea, highlighting Hyundai’s commitment to build a $5.5 billion electric vehicle and battery plant. in Georgia and visiting US and South Korean troops monitoring the rapidly evolving nuclear threat from North Korea.

The biggest investment by a South Korean company in the United States, which was formally unveiled in Georgia on Friday, reflects how the two nations are leveraging long-standing military ties to expand their economic alliance.

The US president has prioritized greater economic cooperation with South Korea, assuring on Sunday that “it will bring our nations even closer, cooperating even more closely than we already do, and help strengthen our supply chains, insuring them against the broader impacts to give our economies a competitive advantage.”

The coronavirus pandemic and Russia’s invasion of Ukraine in February have forced a further rethink of our economic and security alliances. The coronavirus outbreaks have caused shortages of computer chips, vehicles and other products that the Biden administration says can be fixed with more domestic manufacturing and trusted allies.

Biden’s Sunday meeting with Hyundai CEO Euisun Chung comes after the president paid an earlier visit to a microprocessor chip plant run by Samsung, the South Korean electronics giant that plans to build a $17 billion production plant. dollars in Texas.

Hyundai’s factory in Georgia is expected to employ 8,100 workers and produce up to 300,000 vehicles a year. Construction is planned to begin early next year, with production starting in 2025. The plant will be located near the town of Ellabell.

But the Hyundai plant also exposes changes to Biden’s economic agenda.

Earlier in his term, Biden attempted to link electric vehicle production to automakers with unionized workers. As part of a $1.85 trillion spending proposal he introduced last year that is stalled in the Senate, Biden wanted additional tax credits for buyers of electric vehicles made in unionized plants. That would have given a boost to the unionized auto plants of General Motors Co., Ford Motor Co. and Stellantis NV at a crucial time when union membership has been in steady decline nationally.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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