America’s bet on industrial policy starts to pay off for semiconductors
Trump will not reverse the chip subsidies, but will he reinforce them?
IN THE FINAL days of Joe Biden’s presidency, most parts of his administration are winding down. Not so the top brass in the Department of Commerce: on an almost daily basis, they are signing giant funding contracts with chipmakers, racing to dole out cash before Donald Trump enters the White House. When all is said and done, they will have awarded nearly $40bn to semiconductor makers in little more than a year—arguably the biggest single bet on industrial policy by the government in decades, and one that could end up as Mr Biden’s most lasting economic legacy.
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This article appeared in the United States section of the print edition under the headline “Going big”
United States January 11th 2025
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From the January 11th 2025 edition
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