Biden: "Firm Response to Unfair Trade... Will Become Global Vaccine Arsenal" (Comprehensive)

President's First Congressional Address at 100 Days in Office
"Responding to Nuclear Threats through Alliance and Diplomatic Deterrence... Emphasizing Dominance of Core Technologies Amid China's Pursuit"
$1.8 Trillion Family Plan Launched... $1 Trillion Funding for Education and Childcare over 10 Years
Funding Secured through Wealth Tax Increase... Another Historic Milestone with First Female Vice President and House Speaker Together

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondents Baek Jong-min and Kim Su-hwan] On the 28th (local time), one day before his 100th day in office, U.S. President Joe Biden delivered a joint address to Congress, sending a strong warning to China and expressing his determination to maintain American technological supremacy.

In his speech, President Biden stated that all countries in the global economy, including China, must follow the same rules. He said, "I will compete with President Xi Jinping in our conversations, but I will not engage in conflict," making it clear that he will defend U.S. interests.

"China is rapidly catching up"

President Biden emphasized, "We will confront unfair trade practices that weaken American workers and industries, such as subsidies to state-owned enterprises and the theft of U.S. technology and intellectual property." He also mentioned that he told President Xi that the U.S. will maintain strong military power in the Indo-Pacific region, not to provoke conflict but to prevent it.

President Biden stressed, "China and other countries are rapidly catching up," and "We must actively pursue the development of future technologies such as batteries, semiconductors, biotechnology, and renewable energy." He also highlighted, "The Department of Defense is focusing on technology development to enhance our national security through the Defense Advanced Research Projects Agency (DARPA)."

He also addressed human rights issues in China, which he has emphasized since taking office. President Biden mentioned, "I told President Xi that the U.S. will not back down from its commitment to human rights and fundamental freedoms."

Regarding North Korea and Iran's nuclear programs, he said the U.S. will closely cooperate with allies to respond to these threats.

President Biden declared that the U.S. will take the lead in responding to COVID-19. He stated, "Just as the U.S. was the arsenal of democracy during World War II, this time it will be the vaccine arsenal for other countries."

On this day, President Biden said, "I inherited a nation in crisis with the worst pandemic in a century, the worst economic crisis since the Great Depression, and the worst attack on our democracy since the Civil War," emphasizing that dramatic changes are taking place within his first 100 days in office.

He appeared to target the chaos caused by former President Donald Trump, saying, "We must prove that democracy still works," and "In these 100 days, we have acted to restore the people's trust in democracy."

$1.8 trillion American Families Plan...Tax Hikes on the Wealthy

In his speech, President Biden also introduced the $1.8 trillion 'American Families Plan.' The plan includes free kindergarten education for children aged 3 to 4, two years of free community college education, childcare support, expanded paid family leave, reduced health insurance premiums, and expanded child tax credits.

The issue lies in funding. Following his earlier proposal to raise the corporate tax rate to 28% for the 'American Jobs Plan,' President Biden now calls for tax increases on income and capital gains, targeting the wealthy. The plan aims to raise the top federal income tax rate from the current 37% to 39.6% and increase the top capital gains tax rate from 20% to 39.6%.

One foreign media outlet evaluated that President Biden is seeking to secure funding for infrastructure investment plans by taxing Wall Street and its wealthy clients, thereby gaining broad support from the working class.

Changed Venue for the Speech...Women in Prominent Seats, No Designated Survivor

President Biden's congressional address differed significantly from those of previous presidents. While past presidents delivered their speeches weeks after inauguration, this one was held on the 100th day due to the COVID-19 pandemic. Two women, Vice President Kamala Harris, the ex officio President of the Senate, and House Speaker Nancy Pelosi, sat behind the president watching the speech.

CNN reported, "This symbolic scene shows that women hold the first and second positions in the presidential line of succession."

Due to the COVID-19 situation, attendance was limited not only for lawmakers but also for the audience. While typically about 1,600 people attend, this year the number was restricted to 200.