Biden policies attract $1 trillion in US economic investments, White House says

12:11 pm Monday, November 25th, 2024

WASHINGTON (Reuters) – Companies have pledged to invest more than $1 trillion in U.S. industries such as semiconductors and clean energy during the Biden administration, the White House said on Monday, citing the passage of three critical laws in recent years.

U.S. President Joe Biden has cited the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act as helping to push his sweeping infrastructure agenda and create more jobs nationwide.

“We passed legislation to rebuild our infrastructure, build a clean energy economy, and bring manufacturing back to the United States after decades of offshoring,” Biden said.

“These investments in industries of the future are ensuring the future is made in America, by American workers. And they’re creating opportunities in communities too often left behind.”

Subsidies provided under these laws have lured a number of chipmakers and other companies to create or expand production facilities in the United States.

Still, the investments were not enough for Biden’s fellow Democrats, who lost control of the White House and the U.S. Senate in this month’s election and failed to recapture the U.S. House of Representatives.

Some Democrats have blamed the loss on economic concerns and a disconnect from voters despite policies designed to boost the working and middle class, such as efforts to address price gouging and support for unions.

Republican U.S. President-elect Donald Trump capitalized on consumers’ desire for lower prices even as he pledged to impose tariffs ranging from 20% to 60% and to implement mass deportations that could impact various industries, particularly the food and agricultural sectors.

Americans see inflation as a critical issue and want Trump to tackle rising prices within his first 100 days in office, a Reuters/Ispos poll last week found.

There has been concern among some award recipients that Trump could scuttle the Biden grants when he becomes president in January.

(Reporting by Susan Heavey; Editing by Christina Fincher)