Youngkin suggests Chinese ‘threat’ boosts foreign investments in the US
Governor Glenn Youngkin of Virginia welcomes increased investments in the US, citing growing concerns about China among international companies. In an interview with Bloomberg’s The Pulse, he discussed the economic impact of the upcoming election where President Joe Biden faces former President Donald Trump. Youngkin highlighted the challenges Virginians face under Biden’s term, emphasizing the appeal of US investments due to global uncertainties surrounding China.
Gov. Glenn Youngkin (R-VA) welcomed further investments into the United States as more international companies are driven by “the threat of China.”
Youngkin gave an interview to Bloomberg’s The Pulse on Friday to offer his predictions on the economic effect of November’s election. Currently, incumbent President Joe Biden is up for reelection against former President Donald Trump, who snagged the governor’s endorsement earlier this year. According to Youngkin, Virginians have been left “struggling” under Biden’s first term as grocery store prices are up 25% and gas prices are up 50%.
“At the heart of this is the recognition that the threat of China around the world is driving particularly European businesses to understand that trusted relationships — supply chains in these most critical industries, like semiconductors, like pharmaceuticals, like electric vehicle batteries and the need for advanced storage — are driving people to want to invest in the US, grow businesses in the US, and deepen the already great relationships that we have,” Youngkin said.
Governor @GlennYoungkin calls out Joe Biden’s failed economic policies while explaining the importance of building “trusted” relationships with our allies to counter the threat of China:
“Virginians are struggling. They are living paycheck to paycheck. The grocery store prices… pic.twitter.com/Vh7rXqwgiw
— Team Youngkin – Spirit of Virginia (@TeamYoungkin) May 3, 2024
The best outcome, according to Youngkin, is if Trump is reelected to “build a rip-roaring economy again” as it was during his first term from 2016-2020. Youngkin blamed Biden for “the silent thief of inflation” and called for the opposite.
“We need low inflation and high growth. I believe that’s what President Trump built his last time,” Youngkin said. “That’s the economy that we need to make sure that international companies are investing into.”
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Youngkin is halfway through his gubernatorial term. Virginia’s term limits allow governors to serve only one term.
At the time of Youngkin’s election in 2022, he replaced a Democratic governor with Trump’s endorsement. Just two years earlier, Biden won the state, as every other Democratic presidential candidate had since 2008.
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