As prepared for delivery
Thank you, Charlotte.
Distinguished guests – Good afternoon.
I am honored to be here with you today, and have the opportunity to address such an important group of business and political leaders.
I would like to thank Dansk Erhverv and CEO Brian Mikkelsen for the invitation to share the U.S. foreign policy outlook trade, security, and climate policy.
I have now been in Denmark for two months, the engagements I have had, with diverse audiences across the Kingdom of Denmark, have only increased my level of enthusiasm for the work that the Embassy in Copenhagen and in our Consulate in Nuuk are doing to advance U.S. interests in this amazing country.
My wife Sherry and I have been overwhelmed by the heartfelt welcome that we have experienced since we arrived.
The United States and the Kingdom of Denmark have a close partnership that is grounded in shared ideals an unbroken partnership dating back to 1801 when our countries established diplomatic relations.
A partnership that has never been stronger or more important in addressing the great challenges of the world. The trade and investment ties between our two countries are a key element of that relationship.
It is through collaboration and cooperation that we must confront the pressing challenges of today.
We must address critical issues, not only government-to-government, but also through the business sector, and through our research and other institutions.
Your companies play a critical role in addressing and shaping global challenges, from advancing developments in quantum technology to providing innovative solutions to confront the climate change crisis.
The United States is collaborating globally to tackle shared challenges promoting economic growth and driving job creation. Working to ensure fairness in trade, investment, and global competition.
An example is the United States and the European Union working through the U.S.-EU Trade and Technology Council (TTC) on a number of critical economic and technology policies and initiatives designed to strengthen our bilateral economies, meet current geopolitical challenges, and update the rules of the global economy.
TTC working groups are deepening U.S.-EU cooperation by expanding access to digital tools for small- and medium-sized enterprises and securing critical supply chains such as semiconductors.
Together we are addressing security risks related to foreign interference in emerging technology, critical infrastructure, and sensitive data sectors.
We can mitigate these risks, by raising awareness in the business sector, by implementing export controls and investment screening mechanisms, as Denmark enacted last year.
We also are partnering at the leading edge of innovation.
Denmark and the United States are connecting to create a vibrant ecosystem in research and development, such as supporting pathways to cultivate quantum information science and technology for commercial and societal impact.
The United States is home to some of the world’s top research institutions and it is my goal to strengthen research ties between Denmark and the United States so that we can better address emerging global threats and competitors.
The United States and our democratic partners like Denmark are committed to leading global technology and innovation.
We seek to carry out a vision for global trade and technology in a way that serves our people, protects our interests, promotes our innovations and democratic values, including respect for human rights.
Today, these ideals are being tested across the globe.
We all have seen dramatic evidence of this.
The people of Ukraine are demonstrating to us and the entire world just how much democratic rights are worth defending.
The United States alongside our allies, like the Kingdom of Denmark, stand by them in this effort.
As it enters its seventh month, President Putin’s full-scale war on Ukraine continues to inflict horrific violence, damage, and upheaval on Ukrainians and the world thousands of civilians killed or wounded, 13 million Ukrainian citizens forced to flee their homes, historic cities pounded to rubble, food shortages, skyrocketing food prices around the world all because President Putin was determined to conquer another country.
Putin has failed in that goal.
America’s goal is straightforward: We want to see a democratic, independent, sovereign, and prosperous Ukraine with the means to deter and defend itself against further aggression. The United States will continue to stand united with Ukraine for as long as it takes.
Many of you here understand the costs that come from insecurity, as well as the importance of NATO to European and global security.
I realize it was not easy to close facilities in Russia and abandon investments you have made over decades.
The unprecedented sanctions are having a drastic impact on Russia. Russia’s stock market has lost a third of its value. Russia’s imports of goods from around the world could fall by 40 percent.
It was reported that Russia defaulted on its sovereign debt for the first time in more than a century due to the enormous pressure of the United States and over 30 partners around the world.
Thank you for standing up to Russian aggression and being a part of these efforts.
While Putin’s war continues, the United States will remain focused on the most serious long-term challenge to the international order and that is posed by the People’s Republic of China.
We do not seek to block China from its role as a major power, nor to stop China from growing its economy or advancing the interests of its people.
We will defend and strengthen the rules-based international order – the system of laws, agreements, principles, and institutions that maintain peace and security, protect the rights of individuals and sovereign nations, and make it possible for all countries, including the United States and China to coexist and cooperate.
To succeed in this decisive decade, the Biden administration’s strategy toward China can be described in three words – “invest, align, compete.”
We will invest in the foundations of our strengths at home – our competitiveness, our innovation, and our democracy.
We will align our efforts with our network of allies and partners, acting with common purpose and in common cause.
We will compete with China to defend our interests and build our vision for the future.
Two recent pieces of legislation exemplify the steps the United States is taking to address these global challenges: the CHIPS Act and the Inflation Reduction Act.
The CHIPS Act is about increasing our competitiveness, so that U.S. semiconductor and telecommunications industries are positioned to innovate and compete in the global landscape, in close cooperation with allies and partners.
Our objective is to build a diverse and secure global information and technology landscape in which the United States and our allies and partners continue to define, develop, and advance frontier technologies.
The COVID pandemic brutally disrupted supply chains, creating shortages of food products, consumer goods, and inputs needed for consumers and manufacturers worldwide, especially in critical sectors like automobiles, semiconductors, clean energy, and pharmaceuticals.
We have also seen supply chain impacts from extreme climate impacts and natural disasters. We all experienced first-hand the need for, and importance of, resilient and diverse supply chains.
I applaud your leadership to mitigate the risks in your supply chains.
The other piece of recent legislation, the Inflation Reduction Act, invests almost 400 billion to take the most aggressive U.S. action ever in confronting the climate crisis and strengthening our energy security.
The Inflation Reduction Act puts the United States on track to achieve our climate goals and encourage others in the world to increase their efforts.
The Act will lower energy costs for working families in the United States with rebates and tax incentives for home energy improvements, solar energy, and electric vehicles.
This bill represents the single, largest investment in climate and clean energy solutions in U.S. history, and positions the United States to achieve President Biden’s ambitious climate targets while also accelerating economic growth, enhancing energy security, and strengthening resilience by dramatically boosting manufacturing, innovation, and deployment of clean technologies.
Together with the President’s Bipartisan Infrastructure Law, these accomplishments will help position the United States to reach President Biden’s goal of reducing greenhouse gas emissions by at least 50% by 2030, and reaching net zero-emissions by 2050.
Wind power remains one of America’s fastest growing energy sources and a generator of high-quality jobs.
Danish technology and Danish companies have played a pivotal role in developing the wind sector in the United States.
We welcome and encourage continued investment in the United States not just in wind power, but all the areas where Danish companies are world leaders, in green technology.
Beyond bilateral investments, our governments and companies can and should cooperate to assist developing economies to reach their own energy, climate, and resilience goals, often through technology.
Through initiatives like the Just Energy Transition Partnership, we aim to drive decarbonization, not to mention the Clean Energy Technologies Demonstration Challenge, whereby public funding builds commercial-scale demonstration projects.
The Agriculture Innovation Mission for Climate seeks to accelerate investment in climate-smart agriculture and food systems to feed the growing global population.
These initiatives not only make good climate sense, but also good business sense.
The world is better when the United States of America and the Kingdom of Denmark act together as allies, partners, and friends. And this applies to the business community as well.
Your expertise and solutions are needed to address our most pressing and serious challenges – from the climate crisis to supply chain stability and security to ensuring that our business and trade practices and decision uphold democratic values.
I thank you for your partnership and look forward to continuing our engagement-
To build a better world.
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