WASHINGTON – On September 25, 2024, under the United States-European Union Trade and Technology Council (TTC), the Office of the United States Trade Representative, the United States Department of Labor, and the European Commission held a virtual meeting of the transatlantic tripartite Trade and Labor Dialogue (TALD).
During the meeting, government officials briefed stakeholders, including labor unions and businesses, on the progress made by the United States and the European Commission on the “TALD Social Partner Joint Statement on Transatlantic Forced Labor Trade Strategy” and debriefed on the January 2024 labor stakeholder workshop on the “Promotion of good quality jobs for a successful, just, and inclusive green economy,” which was held under the Transatlantic Initiative for Sustainable Trade (TIST).
U.S. and European Commission officials provided updates on how we are working collaboratively towards eradicating forced labor from our supply chains. This included actions on forced labor policies, support for businesses and labor unions to implement effective due diligence, support for third countries, and the promotion of decent work.
The United States and European Commission also discussed the January 2024 TIST labor stakeholder workshop and potential next steps, including hosting a workshop at a later date to further discuss public and private investments that combat climate change, create high-quality jobs, and address skills shortages in clean energy industries.
 
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CHIPS Investment Expected to Nearly Double U.S. Production Capacity of Sensor and Power Chips at Bloomington, Minnesota Manufacturing Facility
Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Commerce announced its first award under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities of up to $123 million in direct funding to Polar Semiconductor (Polar). The award follows the previously signed preliminary memorandum of terms and the completion of the Department’s due diligence. The award will expand and modernize the company’s manufacturing facility in Bloomington, Minnesota. The Department will distribute the funds based on Polar’s completion of project milestones.
“Semiconductors – those tiny chips smaller than the tip of your finger – power everything from smartphones to cars to satellites and weapons systems. I signed the CHIPS and Science Act to revitalize American leadership in semiconductors, strengthen our supply chains, protect our national security, and advance American competitiveness. And over the last three and a half years, we have done just that, catalyzing over $400 billion in private sector investments in semiconductors and electronics that are creating over 115,000 construction and manufacturing jobs. This year alone, the United States is on pace to see more investment in electronics manufacturing construction than it did over the last 24 years combined,” said President Joe Biden. “Today’s announcement that the Department of Commerce has finalized the first commercial CHIPS Incentives award with Polar Semiconductor marks the next phase of the implementation of the CHIPS and Science Act, and demonstrates how we continue to deliver on the Investing in America agenda. Polar’s new facility will also be completed under a Project Labor Agreement to support its construction workforce, creating good-quality union jobs in Bloomington, Minnesota. Today’s announcement is just one of the many ways our Investing in America agenda is reshoring U.S. manufacturing, investing in workers and communities across the country, and advancing America’s leadership in the technologies of tomorrow.”
“Today represents an important milestone in the implementation of the historic CHIPS and Science Act as we announce the first award agreement with Polar,” said U.S. Secretary of Commerce Gina Raimondo. “The Biden-Harris Administration’s investment in Polar will create a new U.S.-owned foundry for sensor and power semiconductors and modernize and expand Polar’s facilities in Minnesota, strengthening our national and economic security, bolstering our supply chains, and creating quality jobs.”
The Biden-Harris Administration’s investment will support Polar’s efforts to almost double its U.S. production capacity of sensor and power chips within two years. This award catalyzes a total investment of more than $525 million from private, state, and federal sources to transform Polar from a majority foreign-owned in-house manufacturer to a majority U.S.-owned commercial foundry. Through Polar’s semiconductor manufacturing operations, the Administration’s investment is expected to create over 160 manufacturing and construction jobs in Minnesota.
For more information about Polar’s award, please visit the CHIPS for America website.
“The Biden-Harris Administration’s investment into Polar marks the first award, of many to come, into communities across our nation to regain our lead in semiconductor manufacturing,” said Lael Brainard, National Economic Advisor.
“Polar and its employees are excited to embark on our transformative project. We welcome new customers and partnerships, and as a domestic U.S.-owned sensor and advanced power semiconductor merchant foundry, we will support technology and design innovation, protect intellectual property, facilitate onshoring and technology transfers, and provide efficient low- to high-volume manufacturing with world-class quality,” said Surya Iyer, President and Chief Operating Officer of Polar Semiconductor. “Through our collaborative and sustained workforce development efforts, we expect to support customers with highly skilled employees today and into the future. We are pleased to close on the significant equity investment from Niobrara Capital and Prysm Capital, and we extend our sincere thanks to our partners at the U.S. Department of Commerce, the State of Minnesota, and the City of Bloomington for their support of the future of American semiconductor manufacturing.”
The purpose of the Award Phase is to finalize comprehensive due diligence and negotiate the final award documents. As stated in the CHIPS Notice of Funding Opportunity for Commercial Fabrication Facilities, the Department will distribute direct funding based on the completion of project components in connection with both the capital expenditures for the project and production and commercial milestones. The program will track the performance of each CHIPS Incentives Award through financial and programmatic reports, in accordance with the award terms and conditions, to establish a compliance program to monitor that commitments are being upheld.
About CHIPS for America
CHIPS for America has allocated more than $35 billion in proposed funding across 16 states and proposed to invest billions more in research and innovation, which is expected to create over 115,000 jobs. Since the beginning of the Biden-Harris Administration, semiconductor and electronics companies have announced over $400 billion in private investments, catalyzed in large part by public investment. CHIPS for America is part of President Biden and Vice President Harris’s economic plan to invest in America, stimulate private sector investment, create good-paying jobs, make more in the United States, and revitalize communities left behind. CHIPS for America includes the CHIPS Program Office, responsible for manufacturing incentives, and the CHIPS Research and Development Office, responsible for R&D programs, that both sit within the National Institute of Standards and Technology (NIST) at the Department of Commerce. Visit chips.gov to learn more.
 
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The EU has kicked off a week of high-level meetings and events during the UN General Assembly in New York. During the weekend, Executive Vice-President Vestager, Vice-President Šuica and Commissioner Urpilainen participated in the Summit of the Future’s Action Days covering topics ranging from youth, children’s rights, sustainable development, demography, gender equality and sexual reproductive health, as well as the Global Digital Compact adopted at the Summit of the Future.
On Sunday, President of the European Council Charles Michel, High Representative/Vice-President Josep Borrell, and Commissioner Jutta Urpilainen, represented the EU in a trilateral meeting with the African Union and the United Nations. See the Joint Communiqué here. They then held a bilateral meeting with UN Secretary-General António Guterres. High Representative Borrell co-hosted a Ministerial dinner on the Middle East with the participation of representatives from all over the world. Commissioner Kyriakides attended the annual Representation Matters reception organised by Women Political Leaders focusing on enhancing women’s participation in policymaking.
Today, President Ursula von der Leyen will deliver a keynote address at the Association of Small Islands States Leaders’ Meeting, which will be live on EbS at 14:00 CEST (08:00 EST). High Representative Borrell will reiterate the EU’s support to Ukraine’s energy sector in a G7+ Foreign Ministers meeting, including the €160 million package worth of support announced by President von der Leyen last week. In the afternoon, he will chair the annual informal meeting of EU Foreign Affairs Ministers, with Ukraine and the Middle East region on top of the agenda. Ukrainian Foreign Minister Andrii Sybiha will join a part of the meeting upon the High Representative’s invitation. Commissioner Urpilainen will represent the Commission at that meeting. Doorstep remarks will be transmitted live on EbS as of 20:45 CEST (14:45 EST). High Representative Borrell will hold a press conference at around 00:00 CEST (18:00 EST), transmitted live on EbS. In the evening, he will participate in a G7 Foreign Ministers’ meeting.
Vice-President Šuica, together with the African Union and UNICEF, will bring leaders from governments, business and civil society at the High-Level event ‘Proven solutions for children: accelerating progress for the SDGs and beyond’, focusing on concrete, cost-effective, and evidence-backed policy solutions for every child. Vice-President Šuica will also speak at a high-level event on children and climate change organised by UNICEF and the UN Climate Change Conference COP 29. Commissioner Johansson will host the high-level side event ‘Leading the way forward: managing migration globally’ together with UNHCR, IOM and UNDOC drawing political attention. Commissioner Urpilainen will sign a Declaration on School Meal Coalition with the World Food Programme during the Global Education Forum, committing to ensure that every child receives a nutritious meal in school by 2030. Commissioner Simson will participate in the Global Renewables Summit, the first high-level public-private summit to discuss the progress, opportunities and challenges of tripling renewable energy globally by 2030. She will deliver opening remarks at the Sustainability Summit. Commissioner Hoekstra will participate in a roundtable organised by the World Economic Forum on mobilising Business for COP impact.
 
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I would like to thank Secretary General Guterres and H.E. K P Sharma Oli, Prime Minister of Nepal, for spearheading this important discussion on strengthening our multilateral system for a better tomorrow. The timing could not be more important—the choices we make this decade will be critical for determining our future.
When we look into the future, it is important to first recognize where we are today. Let me start with the current state of the global economy. On the positive side, the world economy has proven to be remarkably resilient to the multiple shocks of the last years. Inflation generated by these shocks, and the response to them, is finally receding. Major economies are poised to avoid the recession that many feared would take hold.
But we also see that prospects for growth are at their weakest in decades, which means fewer jobs and lower incomes. We expect global growth of around 3 percent each year over the next five years. This is almost a percentage point lower than in the decades before the pandemic.
Worryingly, these trends are most dramatic for low-income countries. These countries’ output is still 7.5 percent below the pre-pandemic growth trajectory. Add to this elevated debt pressures, and we see risks of a low growth-high debt trap.
The political economy environment is also becoming even more complex. In many countries, feelings of unfairness are eroding trust and stoking social unrest. Globally, fragmentation is rising.
And yet, we stand at the cusp of a remarkable transformation fueled by green innovation and technological change. We can harness green growth and create green jobs if policymakers are laser focused on reshaping their economies. Technology can provide a much-needed boost to productivity if deployed properly. For instance, IMF analysis suggests that artificial intelligence has the potential to add up to 0.8 percentage point to global growth.
This global backdrop translates into three essential policy recommendations for our member countries: (i) continue to do what works well—implement strong policies and build strong institutions; (ii) remove the obstacles to growth both domestically and internationally; and (iii) resist excessive protectionism, so we can build a stronger global economy together.
The IMF is doing its part, driven by four priorities. First, we will continue to work with our members to help them design sound macroeconomic policies. Second, we will leverage our financial strength to direct more resources to low-income countries. We provided financing of US$370 billion to our members over the past few years, and we are generating more funding for low-income countries through the Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust. Third, we will continue to help countries address debt issues and speed up debt restructuring, including through the Common Framework. We established, jointly with the World Bank, the Global Sovereign Debt Roundtable and we modified our debt policies to ensure that we can provide financing to countries more quickly. Finally, we will continue to work to become more representative. Our membership agreed to create a third chair for Sub-Saharan Africa on our Executive Board to improve the region’s voice and representation. We are also working with our membership towards a new quota formula.
My message today is simple: together we are stronger. Let us work together to lift our ambition now, in this decade, to build a better future for all.
Thank you.
IMF Communications Department
 
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Yesterday’s main takeaways from the College Members included President Ursula von der Leyen’s speech at the Association of Small Island States Leaders’ Meeting. You can read the full speech here. Furthermore, High Representative Josep Borrell chaired the informal meeting of EU Foreign Ministers. You can read the full press remarks at the press conference here. Commissioner Ylva Johansson hosted representatives from partner countries and international organisations to discuss migration and forced displacement. Commissioner Jutta Urpilainen signed a Declaration with the World Food Programme. Commissioner Kadri Simson delivered opening remarks at the Sustainability Summit. You can read the full speech here. 
Today, President von der Leyen and High Representative/Vice-President Borrell will attend the opening session of the General Debate of the UN General Assembly. President von der Leyen will deliver the opening remarks at the Global Renewables Summit at 11:30 EST (17:30 CEST), which will be live streamed on EbS. She will also co-host the event ‘Innovation for a Sustainable Future: Working together on industrial growth and decarbonization’, together with the Prime Minister of Canada, Justin Trudeau. You can follow her speech on EbS at 14:30 EST (20:30 CEST).
High Representative/Vice-President Borrell will address the UN Security Council in a meeting on Ukraine, which will be streamed live on EbS at around 16:30 EST (22:30 CEST). He will deliver press remarks after the meeting at ca. 17:30 EST (23:30 CEST). In the evening, he will participate in a dinner of Transatlantic Foreign Ministers, hosted by US Secretary of State, Antony Blinken.
Commissioner Stella Kyriakides will speak at a side event on Infection Prevention and Control (IPC) and Antimicrobial Stewardship ‘From policy to implementation at the point of care’, and attend the Food Waste Champions ‘Champions 12.3′. She will also participate in the High-Level Dinner ‘The Road from New York to Jeddah’ focusing on global challenges of Anti-Microbial Resistance, hosted by the United Kingdom and the Kingdom of Saudi Arabia.
Commissioner Urpilainen will speak in the side event ‘Three Years On – Supporting Afghan Women’s Rights’, co-organised by the EU and UN Women, where she will announce new support for the Afghan people’s basic needs and livelihoods in line with the EU’s established principled approach, including specific attention to women and girls. She will deliver press remarks ahead of the meeting at ca. 17:45 EST (23:45 CEST). You can follow it live on EbS. She will also open the panel ‘The Do’s and Dont’s of Sustainable Supply Chains’ at the Leaders’ Summit of the UN Global Compact, speak at the side-event ‘Investing in the Future: Unlocking Sustainable Financing for Sexual and Reproductive Health (SHR)’ and attend the event on the Lobito Corridor, hosted by the US.
Commissioner Urpilainen will speak in the side event ‘Three Years On – Supporting Afghan Women’s Rights’, co-organised by the EU and UN Women, where she will announce new support for the Afghan people’s basic needs and livelihoods in line with the EU’s established approach based on principles, including the EU’s specific attention to women and girls. She will deliver press remarks ahead of the meeting at ca 17:45 EST (23:45 CEST). You can follow it live on EbS. She will also open the panel ‘The Do’s and Dont’s of Sustainable Supply Chains’ at the Leaders’ Summit of the UN Global Compact, speak at the side-event ‘Investing in the Future: Unlocking Sustainable Financing for Sexual and Reproductive Health (SHR)’ and attend the event on the Lobito Corridor, hosted by the US.
Commissioner Simson will speak in the panel on ‘Financing the clean transition’ and Commissioner Wopke Hoekstra in the roundtable on ‘Carbon Markets’, at the Bloomberg Global Business Forum. He will also participate in the High Ambition for the High Seas event, ‘Accelerating Political Momentum for Ratification and Implementation of the High Seas Treaty’, deliver a keynote speech on the EU’s Climate Transition in a Geopolitical Landscape at Columbia University, and attend the High Ambition Coalition Ministerial dinner.
 
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