{"id":2200841,"date":"2023-04-28T08:00:37","date_gmt":"2023-04-27T23:00:37","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200841"},"modified":"2023-04-27T18:27:40","modified_gmt":"2023-04-27T09:27:40","slug":"us-and-south-korean-leaders-tout-economic-growth-amid-low-approval-ratings","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/us-and-south-korean-leaders-tout-economic-growth-amid-low-approval-ratings\/","title":{"rendered":"US and South Korean leaders tout economic growth amid low approval ratings"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">U.S. President Joe Biden and South Korean President Yoon Suk-yeol <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/04\/26\/remarks-by-president-biden-and-president-yoon-suk-yeol-of-the-republic-of-korea-in-joint-press-conference-2\/\"><span style=\"font-weight: 400;\">emphasized<\/span><\/a><span style=\"font-weight: 400;\"> the strengthening of their countries\u2019 strategic partnership in economic security and advanced technology, including semiconductors, electric vehicles, and batteries. Biden highlighted that Korean companies have invested over $100 billion in the United States since he took office, and both leaders have agreed to closely coordinate on the U.S. Inflation Reduction Act (IRA) and the CHIPS and Science Act to strengthen supply chain cooperation between their nations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Biden also discussed the increased investment in the U.S. semiconductor market, clarifying that it was not designed to hurt China but to ensure access to semiconductors and boost the U.S. economy. He emphasized that this investment was generating economic growth and creating jobs in both the U.S. and South Korea. Furthermore, Biden underscored the importance of South Korea&#8217;s economic growth and success in the Pacific, stating that it is in America\u2019s interest and benefits the democratic institutions in the region.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Both leaders are focused on demonstrating their commitment to promoting economic growth and job creation in their respective countries. President Joe Biden, with an approval rate of <\/span><a href=\"https:\/\/projects.fivethirtyeight.com\/biden-approval-rating\/\"><span style=\"font-weight: 400;\">42.6%<\/span><\/a><span style=\"font-weight: 400;\">, recently announced his intention to <\/span><a href=\"https:\/\/edition.cnn.com\/2023\/04\/25\/politics\/joe-biden-running-2024\/index.html\"><span style=\"font-weight: 400;\">run for a second term<\/span><\/a><span style=\"font-weight: 400;\">. Meanwhile, President Yoon Suk-yeol has an even lower approval rate at <\/span><a href=\"https:\/\/www.gallup.co.kr\/gallupdb\/reportContent.asp?seqNo=1385\"><span style=\"font-weight: 400;\">31%<\/span><\/a><span style=\"font-weight: 400;\"> and faces parliamentary elections next year, which will determine the remainder of his presidency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although Biden maintains that investments in the U.S. by South Korean businesses, encouraged by the IRA and the CHIPS Act, have generated jobs and opportunities in South Korea, concerns have emerged in Seoul. Numerous media outlets have reported that South Korean businesses are unsettled by U.S. demands for companies to share a portion of their unanticipated <\/span><a href=\"https:\/\/www.ft.com\/content\/c285a4f2-de0a-4370-88e3-7bbc32f8c314\"><span style=\"font-weight: 400;\">excess profits<\/span><\/a><span style=\"font-weight: 400;\"> and disclose <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/2023\/03\/29\/business\/industry\/Chips-and-Science-Act\/20230329190902501.html\"><span style=\"font-weight: 400;\">sensitive business information<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>U.S. President Joe Biden and South Korean President Yoon Suk-yeol emphasized the strengthening of their countries\u2019 strategic partnership in economic security and advanced technology, including semiconductors, electric vehicles, and batteries. Biden highlighted that Korean companies have invested over $100 billion in the United States since he took office, and both leaders have agreed to closely [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27,28],"class_list":["post-2200841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US and South Korean leaders tout economic growth amid low approval ratings - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/us-and-south-korean-leaders-tout-economic-growth-amid-low-approval-ratings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US and South Korean leaders tout economic growth amid low approval ratings - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"U.S. President Joe Biden and South Korean President Yoon Suk-yeol emphasized the strengthening of their countries\u2019 strategic partnership in economic security and advanced technology, including semiconductors, electric vehicles, and batteries. 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