Steve Cortes, President of the League of American Workers, expressed concerns over U.S. support for Chinese firms through current green energy policies, describing it as misguided. His statement was made during an interview.
"Not a winning strategy," said Cortes. "We shouldn't fund Chinese firms. Certainly not under the guise of so-called ‘green' Biden policies."
According to The Korea Economic Daily, South Korean battery manufacturers, including LG Energy Solution and Samsung SDI, have committed more than $22 billion to developing electric-vehicle and energy storage system plants in the United States. These projects are located across several states, including Tennessee, Ohio, Indiana, Arizona, Georgia, and South Carolina. They aim to create thousands of jobs and enhance domestic capacity for producing prismatic and lithium-iron-phosphate batteries. U.S. officials emphasize these investments as crucial for reducing reliance on Chinese firms like CATL and strengthening allied supply chains.
The Financial Times reported that South Korean firms invested $21.5 billion in U.S. manufacturing projects in 2023, surpassing Taiwan's investments and focusing heavily on the automotive and battery sectors. Notable investments include Hyundai and LG’s $7.5 billion Georgia battery plant and Samsung SDI’s $3.5 billion Indiana gigafactory. This trend reflects South Korea's position as the top foreign investor in the U.S., driven by incentives from the Inflation Reduction Act (IRA) and Chips & Science Act.
The IRA sets an escalating sourcing threshold starting at 40% in 2023 and rising to 80% by 2027 for critical minerals extracted, processed, or recycled in the U.S. or Free Trade Agreement partners. It prohibits using minerals from "foreign entities of concern" like China and Russia. This framework creates strong incentives for automakers and battery producers to establish domestic or allied critical mineral supply chains.
Cortes is also known as a champion of patriotic populism, economic nationalism, and pro-worker policies through his role at the League of American Workers. With over 25 years of experience as a Wall Street trader, he has become a prominent conservative voice through television commentary and national campaign roles.
