State of Union address: US standing up against China’s unfair practices, revitalising ties with India, Biden says

NEW DELHI: The US is standing up against China’s unfair economic practice and for peace and stability across the Taiwan Strait and at the same time revitalising its partnership with allies like India, US President Joe Biden said on Friday.
In his last State of the Union address before the Presidential elections, Biden said, “We are standing up against China’s unfair economic practice, standing up for peace and stability across the Taiwan Strait but revitalising our partnership with allies and the Pacific, India.Australia, Japan, South and Korea.”
Criticising former President Donald Trump on his China policy, Biden said, “I’ve made sure that the most advanced American technologies can’t be used in China’s weapons. Frankly, for all his tough talk on China, it never occurred to my predecessor to do that.”
Emphasizing that the US wants competition and not conflict with China, Biden said, “And we’re in a stronger position to win the competition for the 21st Century against China or anyone else for that matter.”
In his 68-minute speech, Biden talked about providing aid to Ukraine, building Gaza port and tax reforms among others.

Gaza Port

In order to facilitate the supply of humanitarian funds, Joe Biden announced that the US military would construct a port on the Mediterranean coast in Gaza.

$95 billion aid package for Ukraine

Biden further pushed for a $95 billion aid plan for Ukraine, which has been turned down by Republican House Speaker Mike Johnson.

‘I’m a capitalist’: Biden vows to raise taxes on wealthy

According to White House officials, Biden will preview the actions that will be included in a proposed fiscal 2025 budget, which will be unveiled next week and aims to reduce the federal deficit by $3 trillion over ten years while cutting taxes for low-income Americans.
“I’m a capitalist. You want to make a million, or millions of bucks? That’s great. Just pay your fair share in taxes.” Biden said.
In addition to prior calls to raise the corporate income tax rate to 28% from 21%, he also called for an increase to “at least 21%” for the 15% corporate minimum tax that he secured as part of 2022 clean energy legislation. The tax is levied on companies that report profits above $1 billion.
(With inputs from agencies)