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Biden touts S.Korean role in securing global supply chains -Breaking

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© Reuters. During a May 20-22 visit to a South Korean semiconductor plant at the Samsung Electronics Pyeongtaek campus in Pyeongtaek (South Korea), Vice Chairman Lee Jaeyong and President Yoon Sukyeol of South Korea are pictured next to Joe Biden.

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Josh Smith, Trevor Hunnicutt

PYEONGTAEK in South Korea (Reuters). Joe Biden made his debut trip to Asia on Friday as U.S. President. He visited a large Samsung Electronics (OTC.) semiconductor plant. It was a signal of economic security, with an eye towards China and the War in Ukraine.

Biden landed in Pyeongtaek at the U.S. military’s Osan Air Base, south of Seoul. He then drove directly to Samsung (KS)’s factory nearby, which is the biggest semiconductor plant in the globe. He met South Korean President Yoon Suk-yeol for the first-time in person.

Advanced chips that perform functions such as 5G mobile and AI have been a focus of the competition with China.

Biden spoke at the plant, saying that economic shockwaves resulting from Russia’s invasion of Ukraine have highlighted the importance to ensure critical supply chains in order for the U.S. economy as well as national security not depend on “other countries that don’t share their values”.

I believe that working closely with partners who share our values like the Republic of Korea is the key component of how that will be done.

Biden stated that the Indo-Pacific was where the future will be written and it was time for America and other like-minded countries to make investments in one another.

They toured the facility, described by the White House as a “model” for the $17 billion new factory Samsung intends to construct in Taylor, Texas.

Yoon stated that she hoped Korea-U.S. relations would be revived as an economic, security and alliance built on supply chain and high-tech cooperation with the help of today’s visit.

Biden was also asked by him to offer incentives to South Korean businesses and U.S. companies to invest in the other countries.

Jay Y. Lee, Vice Chairman of Samsung Electronics was exempted from attending an accounting fraud trial on Friday to allow him to attend the U.S. President’s tour.

Biden will be focusing on countering China’s presence within the region, though South Korea may take a prudent tone given that Beijing is Seoul’s biggest trading partner.

South Korea will likely be one of the first members to Biden’s Indo-Pacific Economic Framework, (IPEF). This framework was established to establish standards for labor, environment, and supply chain management.

Yoon stated earlier Friday, when reporters asked about Beijing’s objection to the IPEF that it does not need to interfere with South Korea’s economic relations with China.

“It is not necessary to consider it a zero sum,” he stated.

Hyundai Motor Co. is working to construct a new plant for electric-vehicle manufacture in America. Biden could make an announcement during his visit.

TACKLING THE NORTH KOREA

Seoul police said Friday that an officer of Biden’s advance security team was arrested. He is accused of assaulting a South Korean citizen in front of the hotel, where the president of the United States would be staying. However, the incident didn’t seem to have disrupted the President’s visit.

Biden’s Saturday meetings will continue, and the important topic of North Korea is likely to be on the top of the agenda. Kim Jong Un, the leader of North Korea’s intercontinental ballistic missile test ban was lifted and appears ready to restart testing nuclear bombs while Biden is there.

Biden’s national safety adviser Jake Sullivan stated that the U.S. will only increase its cooperation with Japan and South Korea in “the face of additional provocations by North Korea,” when asked about the possibility for a weapon test.

Sullivan stated that “we are ready for these eventualities.” China was informed by the United States that it would provoke provocations during its visit to China.

Yoon indicated that he would take a more aggressive approach to Pyongyang than his predecessors and will likely ask Biden for help. Yoon warned against a preemptive strike should there be any indication of an imminent attack, and promised to improve the South’s deterrent capabilities.

North Korea reported a COVID-19 epidemic in the last week. However, it ignored requests to resume diplomacy.

Although Washington stated that it was open to talks with Kim at all times, it did not offer any new suggestions on how the nation could be coaxed into dialogue. Biden also decided to not visit the demilitarized zone that separates the South and North Korea.

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