At a joint press conference with South Korean President Yoon Seok-yue that day, Biden responded when asked whether the United States' measures to restrict investment in China have put allies in a difficult position. Both the United States and South Korea can benefit from building a more resilient supply chain.

"This is not about hurting China. This is about so that we don't have to worry about being able to get semiconductors. We're not going to sit around and wait to be in a situation where we can't get these semiconductors," he said.

The implication is that the chip law has hurt China, but the purpose is not to hurt China, that is, it is not hurting China for the sake of hurting China.

The U.S. Commerce Department said these measures are necessary to ensure that taxpayer money is not wasted or used to increase dependence on China.

Biden and Yun Xiyue held a joint press conference after the US-South Korea summit meeting. Biden reiterated that the US chip bill is not intended to harm South Korea's interests. "People can rest assured that good development of South Korea's economy is absolutely in our interests," he said.

Biden noted that most South Korean companies believe that the United States is in some way trying to slow them down and prevent them from growing, but that the United States actually "wants to see them grow, and that's true."

"We believe that economic growth in South Korea is good for the United States and for freedom around the world," he said.

Companies including South Korea's Samsung Electronics and SK Hynix have expressed concerns about the strict conditions of the chip bill. Lee Chang-yang, South Korea’s Minister of Industry, Trade and Energy, said earlier that the South Korean government will work closely with the United States to deal with the various uncertainties brought about by this bill and the provisions that burden companies. He pointed out that these problems can be significantly alleviated or solved through negotiations involving enterprises.

The United States and South Korea agreed on Wednesday to establish a new dialogue mechanism on next-generation emerging technologies in chips, batteries and other fields to promote related research and development. "President Biden has stated that he will spare no effort to support the investment and business activities of Korean companies," Yoon Seok-yue said.

Yonhap News Agency reported that this mechanism aims to seek cooperation between the two countries in the fields of biotechnology, power batteries, energy technology, chips, digitalization, quantum computing and other fields. The meetings will be held alternately in the two countries, with the first meeting scheduled for the second half of the year.

A statement from the South Korean Presidential Office pointed out that this dialogue mechanism will contribute to the development of the global innovation ecosystem and the construction of a resilient global supply chain.