Biden to focus on countering China during stop in North Carolina
CNN, CNNBUSINESS
By Kate Sullivan, CNN
President Joe Biden on Thursday is expected to push Congress to pass legislation aimed at countering China’s growing economic influence by investing in US manufacturing, technology, research and development.
During a stop in North Carolina, the President will deliver remarks from a historically Black university in Greensboro and highlight his administration’s efforts to rebuild supply chains that have been heavily disrupted during the coronavirus pandemic, according to the White House.
The trip to the battleground state comes days after a new report showed consumer price inflation hit a new 40-year high in March. The White House is grappling to contain sky-high gas and food costs as Russia’s invasion of Ukraine upends global commodity markets and as supply chain woes persist amid the pandemic.
The Senate and House of Representatives have passed their own versions of a bill aimed at countering China’s influence with manufacturing and research investment. Both bills are aimed at addressing pressing economic issues facing the Biden administration, including supply chain disruptions and a global shortage of semiconductor chips. Lawmakers must now reconcile the differences between the two versions of the bill, and both chambers will have to vote again before the bill reaches Biden’s desk.
The White House said the President will highlight how the legislation will boost US competitiveness by expanding innovation and manufacturing capacity, investing in science, technology, engineering and mathematics (STEM) education and creating regional tech hubs to grow technology-focused critical industries.
The trip to North Carolina Agricultural and Technical State University also provides the President with an opportunity to highlight his administration’s investments in HBCUs. According to the White House, the university has received $188 million in funding from the Higher Education Emergency Relief Fund, including $93 million from the American Rescue Plan.
Earlier this week, the President traveled to Iowa to announce new steps his administration is taking to address rising gasoline prices across the country.
He said the Environmental Protection Agency plans to issue a national emergency waiver to allow E15 gasoline, which uses a 15% ethanol blend, to be sold this summer. This type of fuel is typically banned from sale in the summer because of concerns it contributes to smog. But the White House says on average this will save American families 10 cents per gallon of gas.
His trip to Iowa came hours after a new report from the Bureau of Labor Statistics showed prices rose in March by 8.5% relative to last year.
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