May 20, 2022 10:41 GMT
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US president Joe Biden and Republic of Korea President Yoon Suk Yeol are now delivering joint remarks from Pyeongtaek, ROK following a tour of a Samsung factory.
- A livestream of the remarks here: https://www.youtube.com/watch?v=JOvJ9nwovFE
- The Samsung Electronics Campus which the President toured today will act as a model for a USD$17 billion Samsung plant planned for Texas.
- Biden is expected to use the remarks to urge the United States Congress to pass the Innovation and Competition Act, the bill designed to invigorate the US domestic semiconductor industry and increase competitiveness with China in areas of national security related to tech.
- The bill is in conference and there are some concerns that a delay in resolving the differences between the House and Senate versions of the bills could threaten the bill's chance of passing in the current Congress.
- The White House: 'As President Biden said this week, fighting inflation is his top economic priority, and the Bipartisan Innovation Act will help us get that done by promoting domestic manufacturing and strengthening our supply chains. There is common ground between the House and Senate bills, and it’s his hope that conferees focus on what they agree on.'