In South Korea, Joe Biden is trying to rebuild economic ties across Asia – Reuters

Even Rahm Emanuel, the US ambassador to Japan, said on Thursday that governments in the region were still asking, “What are we signing?”

Scott A. Snyder, director of US-Korean policy at the Foreign Relations Council, said Mr Biden’s proposal was essentially “a repackaging of the Biden administration’s existing priorities in this area of ​​economic policy.”

“And whether it really starts or not depends on whether the partners think there is enough to justify their engagement,” he said.

Snyder added that he believes South Korea is taking a serious commitment from the Biden administration to invest in the region. “I think they believe,” he said. “And we’ll see if they whistle next to the cemetery.”

During a factory tour, Mr. Biden made it clear that his goal was not only to increase America’s influence abroad, but also to address domestic policy challenges in the United States. While demand for semiconductor-containing products increased by 17% between 2019 and 2021, there was no comparable increase in supply, partly due to pandemic-related disruptions.

As a result, car prices have skyrocketed and the need for additional chips is likely to increase as 5G technology and electric vehicles expand.

The United States is already facing an “alarming” shortage of semiconductors, warned Gina Raimondo, Mr Biden’s trade minister, this year, adding that the crisis had contributed to the highest level of inflation in about 40 years.

Elliot Frost

"Pop culture maven. Analyst. Writer. Wannabe food evangelist. Organizer. Friendly internet lover. Incurable troublemaker. Entrepreneur."

Leave a Reply

Your email address will not be published.