Biden remains focused on fighting China amid economic worries

By Kate Sullivan and Sam Fossum, CNN

President Joe Biden returned to a familiar punching bag on Friday, focusing his message on the fight against China as he aims to convince Americans that his economic plans are working despite one of the worst inflations the United States has ever seen. have known for decades.

During a visit to Hamilton, Ohio, Biden urged Congress to pass a bill aimed at countering China’s economic influence and touted the April jobs report, which showed that the economy had created 428,000 jobs last month. His renewed call to action comes after a CNN poll showed less than a third of Americans think his party’s economic views align with theirs, and the Federal Reserve said it was increasing half a percentage point interest rate – something it hasn’t done in 22 years.

“Pass the damn bill and send it to me,” Biden said. “If we do, it will help bring prices down, bring jobs home and fuel the return of American industry.”

The president said the bill “will also help reduce costs and strengthen our economic and national security. No wonder the Chinese Communist Party is literally lobbying, paying lobbyists against the passage of this bill.

Biden’s trip to Ohio came at the end of the week and crystallized the political issue he and his party face over the economy in the months ahead.

A new CNN poll has shown that when it comes to the economy, which is the issue most likely to be a determining factor for voters this fall, almost half of adults (46%) say the positions of the Republican Party are more aligned with theirs, against 31% for the Democratic Party. Americans are currently paying more for weekly basic foodstuffs and gasoline for their vehicles as Russia’s invasion of Ukraine upends global commodity markets and global supply chains remain disrupted by the pandemic.

And Tuesday’s rate hike by the Fed, an aggressive move to fight inflation, will hurt millions of Americans and drive up interest charges on mortgages, credit cards, student debt , car loans and business loans.

The anti-China bill could give the president and his party a legislative victory that they could tout to voters on the campaign trail as part of their economic speech.

The legislation would thwart China’s growing influence by investing more than $200 billion in American technology, science and research.

The House and Senate have both passed different versions of the China competition bill that Biden was pushing for on Friday and the two chambers will soon begin negotiating a final version during what’s called the conference process. The White House said it would continue to engage with Congress and stressed the importance of completing the negotiation process quickly.

A final version of the bill is expected to address the global shortage of semiconductors, which has driven up auto prices and hampered the administration’s economic stimulus efforts. In addition to cars, chips are essential for the production of smart phones, medical equipment and a number of household appliances.

During his trip to Ohio on Friday, Biden also announced the launch of a new initiative to boost the use of 3D printing in national procurement.

The new initiative, called Additive Manufacturing Forward (AM Forward), will pair major manufacturers with U.S.-based suppliers to help them use 3D printing technology more widely, according to the White House. AM Forward aims to strengthen and strengthen U.S. supply chains, reduce costs and spur investment in small or medium-sized businesses, a senior administration official told reporters.

This person added that the federal government will help small and medium manufacturers access capital to install 3D printing equipment, provide technical assistance, develop a workforce training program with those who participate in AM Forward and will help participants set new standards.

Additive manufacturing, more commonly known as 3D printing, is a way to make parts from digital design files that can be cheaper, more agile and more efficient than more traditional manufacturing methods, according to the Congressional Research Service.

U.S. manufacturers participating 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 publicly promise to buy 3D-printed parts from US-based vendors, help train their vendors’ workers on this new technology, provide technical assistance, and participate in standards development. industries, according to officials and the fact sheet.

AM Forward, according to the fact sheet, will be supported by the Applied Science & Technology Research Organization (ASTRO), a non-profit organization.

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