State of the Union Highlights Shrinking China Trade Deficit and Growth of US Manufacturing
President Joe Biden’s third State of the Union address on Thursday evening illuminated the Commander in Chief’s ambitions for a second term in office, and centered heavily on building up American supply chains, creating jobs and promoting economic resiliency.
Biden sounded off on wanting “competition with China, not conflict,” noting that the trade deficit with the sourcing superpower has contracted significantly during his first term in office. He attributed some of that shift to the rise of U.S. industry, which has created “800,000 new manufacturing jobs in America, and counting.”
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The administration’s infrastructure policy has attracted hundreds of billions of dollars in investment from the private sector for clean energy and domestic production, with tens of thousands of new projects slated to break ground nationally over the coming months, he said.
Sourcing Journal compiled President Biden’s key comments on industry, trade and the economy from last night’s address.
On China
“For years, I’ve heard many of my Republican and Democratic friends say that China is on the rise and America is falling behind. They’ve got it backwards. I’ve been saying it for over four years, even when I wasn’t president.”
“America is rising. We have the best economy in the world. And since I’ve come to office, our GDP is up; our trade deficit with China is down to the lowest point in over a decade.”
“And we’re standing up against China’s unfair economic practices. We’re standing up for peace and stability across the Taiwan Straits.”
“I’ve revitalized our partnerships and alliance in the Pacific. India. Australia. Japan. South Korea. Pacific islands. I’ve made sure that the most advanced American technologies can’t be used in China, not allowing to trade them there.”
“Frankly, for all his tough talk on China, it never occurred to my predecessor to do any of that.”
“I want competition with China, not conflict. We’re in a stronger position to win the conflict of the 21st century against China than anyone else for that matter. Than any time as well.”
On American industry and economic growth
“Folks, I inherited an economy that was on the brink. Now our economy is literally the envy of the world. Fifteen million new jobs in just three years—a record, a record. Unemployment at 50-year lows. A record 16 million Americans are starting small businesses, and each one is a literal act of hope.”
“With historic job growth and small business growth for Black, Hispanic and Asian Americans, 800,000 new manufacturing jobs in America and counting.”
“Where is it written that we can’t be the manufacturing capital of the world? We are. We will.”
“Wages keep going up. Inflation keeps coming down. Inflation has dropped from 9 percent to 3 percent—the lowest in the world and trending lower. The landing is and will be soft.”
“And now instead of importing, importing foreign products and exporting American jobs, we’re exporting American products and creating American jobs—right here in America where they belong.”
“And it takes time, but the American people are beginning to feel it. Consumer studies show consumer confidence is soaring.”
“’Buy America‘ has been the law of the land since the 1930s. Past administrations including my predecessor, including some Democrats as well in the past, failed to buy American. Not anymore.”
“On my watch, federal projects that you fund, like helping build American roads, bridges and highways, will be made with American products and built by American workers—creating good-paying American jobs.”
“And thanks to our CHIPS and Science Act, the United States is investing more in research and development than ever before.”
“During the pandemic, a shortage of semiconductors, chips that drove up prices for everything from cellphones to automobiles. And by the way, we invented those chips right here in America.”
“Well instead of having to import them, private companies are now investing billions of dollars to build new chip factories here in America, creating tens of thousands of jobs, many of those jobs paying $100,000 a year and don’t require a college degree.”
“In fact, my policies have attracted $650 billion in private-sector investment, in clean energy, advanced manufacturing, creating tens of thousands of jobs here in America.”
“And thanks to our bipartisan infrastructure law, 46,000 new projects have been announced all across your communities.”
On climate action
“We are also making history by confronting the climate crisis, not denying it. I don’t think any of you think there’s no longer a climate crisis. At least I hope you don’t. I’m taking the most significant action ever on climate in the history of the world.”
“I am cutting our carbon emissions in half by 2030. Creating tens of thousands of clean-energy jobs, like the I.B.E.W. workers building and installing 500,000 electric vehicle charging stations. Conserving 30 percent of America’s lands and waters by 2030.”
“I’m taking action on environmental justice, fence-line communities smothered by the legacy of pollution.”
