Gov. Glenn Youngkin (R-Va.) welcomed more investment in the U.S. as more international companies become motivated by the “China threat.”
Yonkin spoke to Bloomberg’s The Pulse on Friday and offered his predictions about the economic impact of the November election. Currently, incumbent President Joe Biden is seeking re-election against former President Donald Trump, who won the governor’s support earlier this year. Youngkin said Virginia has been “in trouble” during Biden’s first term, as grocery store prices have increased by 25% and gas prices have increased by 50%.
“At the heart of this is the Chinese threat around the world, which is forcing European companies in particular to understand their trust relationships and supply chains in their most important industries, such as semiconductors, pharmaceuticals and electric vehicle batteries, and the need to do so.” It’s a recognition that people are investing in the U.S., growing their businesses in the U.S., and already have good relationships because of advanced storage,” Youngkin said.
The best outcome, Youngkin said, is for Trump to be re-elected and “build another violent economy” like he did during his first term from 2016 to 2020. Youngkin called for opposition, accusing Biden of “silently stealing inflation.”
“We need low inflation and high growth, and I believe that’s what President Trump ultimately built,” Youngkin said. “This is the economy we need to ensure international companies can invest in.”
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Yonkin is more than halfway through his term as governor. Under Virginia’s term limits, a governor can serve only one term.
During Yonkin’s 2022 election, he replaced a Democratic governor with Trump’s support. Just two years ago, Biden won the state, as did every other Democratic presidential candidate since 2008.
