President Joe Biden said that the U.S. Inflation Reduction Act and CHIPS and Science Act creates jobs in both the U.S. and South Korea and that they are not aimed at China.

Tackling the pair of legislation has been a key agenda as President Yoon Suk Yeol embarked on his state visit to the U.S.

Asked what message he has for South Korean businesses hurt by the two bills, Biden said in a joint press conference following their summit meeting in Washington on Wednesday that the CHIPS Act was devised to secure a more stable semiconductor supply chain which was an issue during the pandemic, stating that it is a win-win for both countries. 

The U.S. president added that economic growth in South Korea is also beneficial to the U.S.