Bloomberg Headline: Biden Heads to Asia With Semiconductors and Security in Mind
Subheadlines: US president to tour Samsung chip plant after arriving
North Korea may be looking at provocations during visit
Samsung is responsible for a third of global memory chip production and controls just less than 20% of outsourced chips for tech clients. South Korea’s largest company has been expanding its facilities at home and in the US to keep up with soaring demand.
The Biden administration has been pushing Congress to approve a broad China competition bill that includes $52 billion in funding for domestic semiconductor research and manufacturing. The president has recently gotten personally engaged in urging Congress to act.
“Pass the damn bill and send it to me,” Biden said earlier this month. “If we do, it’s going to help bring down prices, bring home jobs, and power America’s manufacturing comeback.”