US manufacturing commitments double after Biden subsidies launched

US manufacturing commitments have doubled since Biden launched subsidies, with over $200bn pledged toward clean tech and semiconductors, according to the Financial Times.

April 16, 2023 . 3:23 PM

1 min read

Over $200bn has been committed to US manufacturing projects since Congress passed subsidies last year.
Investments in semiconductor and clean tech are almost double the commitments made in 2021.
Asian companies like LG, Hanwha, and LONGI have announced deals, taking total large-scale investments to $204bn.
The Inflation Reduction Act and Chips and Science Act are designed to stimulate investment in US manufacturing and break US dependence on Chinese supply chains.
More projects are expected to be announced in the coming months as the US government provides more guidance on the tax credits.