Biden keeps his focus on countering China amid economic worries
In a visit to Hamilton, Ohio, Biden urged Congress to pass a bill aimed at countering China’s economic influence and touted April’s jobs report, which showed the economy added 428,000 jobs last month. His renewed call to action comes after a CNN Poll showed fewer than a third of Americans think his party’s economic visions aligns with their own, and the Federal Reserve said it was raising interest rates by a half-percentage point — something it hasn’t done in 22 years.
“Pass the damn bill and send it to me,” Biden said. “If we do, it’s going to help bring down prices, bring home jobs, and power America’s manufacturing comeback.”
The President said the bill “is also going to help reduce costs and strengthen our economic and national security. It’s no wonder the Chinese Communist Party is literally lobbying, paying lobbyists against this bill passing.”
Biden’s Ohio trip came at the end of the week that crystallized the political problem he and his party faces over the economy in the coming months.
And Tuesday’s rate hike by the Fed, an aggressive move meant to combat inflation, will affect millions of Americans and result in higher interest costs for mortgages, credit cards, student debt, car loans and business loans.
The bill meant to counter China could give the President and his party a legislative win that they could tout to voters on the campaign trail as part of their economic pitch.
The legilsation would counter China’s growing influence by investing over $200 billion in American technology, science and research.
The House and the Senate have both passed different versions of the China competition bill Biden was pushing for on Friday and both chambers will soon start negotiating on a final version during what is called the conference process. The White House has said it will continue to engage with Congress and has conveyed the importance of getting through the negotiation process quickly.
A final version of the bill is expected to address the global semiconductor shortage, which has been driving up costs of automobiles and hampering the administration’s economic recovery efforts. In addition to cars, the chips are essential for the production of smart phones, medical equipment and a number of household appliances.
The new initiative, called “Additive Manufacturing Forward” (AM Forward), will pair large manufacturers with US-based suppliers to help them more extensively use 3D printing technology, according to the White House. AM Forward is aimed at bolstering and strengthening US supply chains, helping lower costs and spurring investment in smaller or medium-sized companies, one senior administration official told reporters.
This person added that the federal government will help small and medium-sized manufacturers access capital to install 3D printing equipment, provide technical assistance, develop a curriculum for workforce training with those who participate in AM Forward and help participants set new standards.
The US manufacturers taking part in the AM Forward initiative include GE Aviation, Honeywell, Lockheed Martin, Raytheon and Siemens Energy, according to a White House fact sheet.
These companies will make public promises to buy 3D printed parts from US-based suppliers, help train their suppliers’ workers on this new technology, provide technical assistance and take part in the development of industry standards, according to the officials and fact sheet.
AM Forward, according to the fact sheet, will be supported by the Applied Science & Technology Research Organization (ASTRO), a nonprofit organization.
Quoted from Various Sources
Published for: Ipodifier