US President Joe Biden delivered remarks on his administration's Investing in America agenda at the Port of Baltimore on October 29, 2024 in Baltimore, Maryland. — AFP File
Companies have committed to investing over $1 trillion in US industries such as semiconductors and clean energy during the Biden administration, according to the White House on Monday, highlighting the impact of three pivotal laws passed in recent years. US President Joe Biden has credited the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act for driving his comprehensive infrastructure plan and generating more jobs across the nation.
"We enacted legislation to rebuild our infrastructure, construct a clean energy economy, and revive manufacturing in the United States after decades of outsourcing," Biden stated. "These investments in future industries are ensuring that the future is crafted in America, by American workers. They are also creating opportunities in communities that have been neglected for too long."
Subsidies under these laws have attracted several chipmakers and other companies to establish or expand production facilities in the United States. However, these investments were insufficient for Biden's fellow Democrats, who lost control of the White House and the US Senate in the recent election and failed to regain the US House of Representatives.
Some Democrats attribute the loss to economic concerns and a disconnect from voters, despite policies aimed at boosting the working and middle classes, such as measures to combat price gouging and support for unions. Republican US President-elect Donald Trump capitalized on consumers' desire for lower prices, even as he pledged to impose tariffs ranging from 20% to 60% and implement mass deportations that could affect various industries, particularly the food and agricultural sectors.
A recent Reuters/Ipsos poll found that Americans view inflation as a critical issue and expect Trump to address rising prices within his first 100 days in office. There is concern among some grant recipients that Trump could cancel the Biden grants when he assumes the presidency in January.
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