U.S. Commerce Secretary Gina Raimondo on competing with China

The White House’s infrastructure plan will put the U.S. on more equal footing with China as it bolsters the American semiconductor industry, Commerce Secretary Gina Raimondo said Wednesday.

“This is about out-competing China,” Raimondo told CNBC’s Jim Cramer in a “Mad Money” interview. “If we act now … we will compete with China. There is time to do that, to rebuild, to build in semiconductors in particular, but we have to get to the business of doing it.”

The comments came moments after President Joe Biden unveiled a $2 trillion package primarily tailored to bridges, roads and other transportation initiatives. The proposal also calls for a $50 billion investment in semiconductor manufacturing and research.

A global chip shortage, heightened by high demand for computers and other technological products during the coronavirus pandemic, has pressured American manufacturers. For instance, Ford announced Wednesday it will reduce car production at multiple North American plants due to the low supply for semiconductors.

Raimondo, who left the Rhode Island governor’s house to join the Biden administration, said semiconductors are the “building blocks of a future economy and a digital economy.” With investments in semiconductor manufacturing, it will pave a way for basic research, more jobs in foundries, job training and advanced manufacturing, she said.

“I am hopeful that when the business community, large and small, has an opportunity to look into this package, they’ll see this is about competing and winning now and into the future, and that’s good for business and good for workers,” she said.

The Biden administration is aiming to get an infrastructure bill passed by this summer. Named “The American Jobs Plan,” it includes spending to combat climate change, improve drinking-water infrastructure, expand broadband access and lay the groundwork for electric vehicle capabilities.

The package could face some hurdles in Congress, despite Democrats’ power advantage. Democrats hold a slight majority in the House and a 50-50 tiebreaker in the Senate. However, Republicans are gearing up to object over the package’s size and the White House’s plan to pay for it.

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[freeworld]

Chinese leaders are professor in science engineers vs western lawyers and reality showman.
Labour cost.
$15 per hour in America
$5 per hour in China

High speed rail cost $57 millions per miles in the US.
In China $20 millions per mile.

So China has 37000klms and America had zero now..so it is very remote for America to compete.

China is 15yrs a head in infrastructure modernization. It will take 15yrs just repairing the old infrastructure..never mind compete with China

[jeffstrong]

She had shady background in past job. She left governor job with record unemployment and Rhode Island being ranked 50th for business before the pandemic hit because she doesn't fully understand how to build trust in business environment. Under Raimondo, the Rhode Island Department of Children, Youth & Families had come under fire for the rate of deaths and near-deaths of children in its care. In October 2018, the United States Department of Health and Human Services' Administration for Children and Families ordered the Raimondo Administration DCYF to improve in 33 of 36 areas assessed pretty much all she did or didn't do was crap work. The federal report noted that DCYF services were "inadequate, not developed when needed, or lacked consistent monitoring". Harvard Kennedy School professor and former Obama Administration official Jeffrey Liebman agreed with the recommendations and analysis of the report from the U.S. Department of Health and Human Services and claimed that the DCYF is "the most messed-up agency ever".

[johnb]

Impossible to compete with a country with 50 year plans.

[Siempre]

The US needs to roll back on All Sanctions on China and work on a "win /win" not "wi/ lose" relationship.
Huawei could develop US 5g Infrastructure - Chinese Rail Companies could establish US High Speed Rail Network
Chinese Solar Panels and Battery Energy Storage Technology and EV's can help speed up transition a Carbin free economy while ensuring Electricity Grid Stability & security - these long term projects can provide millions of high tech/green jobs for US Workers and provide the infrastructure development at a far lower cost than if US Companies try to play catch up with Chinese Companies that are far more efficient with vastly superior experience.
Isolation from China and reduction of trade flows will impose an effective Tax on US Working Class which has seen no real wage rise in 40 years while China has the capacity to turn inward and build up its vast internal market with a Working Class that has seen wage rises every year for past 40 years.

Demonising China and sailing the 7th Fleet through Taiwan Straights will help no one and could lead to a devastating war.

Time to Rollback the Trade War and halt the new Cold War

[Americandragonrider.]

She should be saying.
Boosting China.

[thedudeabides]

The fact that Biden's commerce secretary is talking about semiconductors and the future vs. Trump's commerce secretary who went on and on about steel and dead jobs of the past is a vast improvement in and of itself.

[mysticalwind]

There should be more healthy competition. And common sense collaboration where there is common ground.
And certainly we can also do without with all the verbal attacks and disparaging remarks coming mostly from the US establishments.
Will that happen ? I doubt it. Ingrained arrogance and views of having an absolute say on high morality on others is hard to give up for US politicians and western think tanks ... no surprise there.

[scottrocks]

Waisting tax payers money is not the answer!!!! Get Government out of the There are millions of jobs but with the federal government added money for unemployment people are making more money for doing nothing!!!!( Damn if two money people can't figure this out??? WTF

[stubarnum]

Hey commerce secretary, I can't afford my groceries. Where do you shop? Can I borrow your broom to fly there?

[dzizzle]

I wish this administration showed me a fraction of respect and sensitivity they give China. I cant even publicly express my anguish on Muslim gen or cider or my family totally breaking up to keep my quarantine up bc their school system involvement as they always skip ppe and travel between states. When i say corrupt, they say stay home and stay alone. Today i saw CC Pee dunk on us for promoting sat an ism as Easter approaches. Im tired or tolerating gen or cider of religious people simply to keep a party boy's pipe full.

[Anders]

Are western experts correct about China and semiconductors? Were they correct about China's capacity to develop fast trains, drones or solar panels? Why have western experts repeatedly been caught by surprise? My guess is that China already has superior semiconductor manufacturing capacity. Why? Because China has long term plans and the ability to produce microchips is a crucially important part of that strategy. So while the western tech companies have become lazy armchair developers and outsource manufacturing to companies like TSMC (a Taiwanese company which is a Chinese province b t w) and have to play their strongest cards immediately because of market pressure, China can due to a systemic strategy wait with playing their strongest cards, including when it comes to semiconductors.

[lvnotebook]

Trump will be back in 2024 and save American.

[pab]

I love Gina! Too bad she left the Governor position. But She can better serve America here

[pQ]

state-owned companies needing funding?

[globalchinesearmy]

People who are the not stupid know that China always the best country, Rising above own score. No other nation can be matched. You must respect and obey the most glorious nation China or else there will be consequences. I am so proud to be a Chinese. We Chinese are the smartest, strongest and greatest race.