Biden administration rushes to finalize subsidies for foreign companies invested in the U.S. before Trump's inauguration

[Anchor]

The Biden administration is rapidly finalizing subsidy support for foreign companies that have invested in the U.S.

Recently, subsidies for the Taiwanese semiconductor company TSMC have been confirmed.

There seems to be a sense of urgency ahead of the change in administration.

This is because the soon-to-be-inaugurated President Trump has repeatedly expressed negative views on subsidies.

Our companies are closely monitoring this trend.

Reporter Kim Kyung-soo reports.

[Report]

Four days ago, the U.S. Department of Energy officially announced that it has confirmed financial support of $544 million, approximately 760 billion won, for the semiconductor material company SK Siltron.

Two years ago, President Biden praised the construction site of SK Siltron's factory in Michigan, calling it exemplary for semiconductor investment.

[Joe Biden/President of the United States/November 2022: "SK came along and is making the material that goes into these computer chips. So instead of relying on chips made overseas in places like China, the supply chain for those chips will be here in America, in Michigan. It’s a game changer."]

The Biden administration has promised government-level support for foreign companies investing in the U.S., and subsidies for the Taiwanese semiconductor company TSMC have recently been confirmed.

Previously, Samsung Electronics and SK Hynix, which signed a memorandum of understanding with the U.S. government, are set to receive subsidies of $6.4 billion and $450 million, respectively, and these are expected to be announced soon.

The reason the Biden administration is urgently finalizing support for companies investing in the U.S. just two months before the transition of power is that President-elect Trump has repeatedly expressed negative views on subsidies.

[Donald Trump/President-elect of the United States/Interview with Bloomberg TV on Oct. 15: " The higher the tariff, the more likely it is that the company will come into the United States and build a factory in the United States so it doesn't have to pay the tariff."]

As the Trump transition team is likely to abolish various corporate supports from the Biden administration, our companies, which have invested substantial amounts locally in the U.S., are feeling the pressure.

This is Kim Kyung-soo reporting from Washington for KBS News.