FT: Biden fails to implement pledged industrial projects

About 40% of the industrial projects in which the US government planned to invest under Joe Biden's reforms have been either suspended or cancelled.

The Inflation Reduction Act of 2022 and the Chips and Science Act of 2022 envisaged that the US government would invest more than $400 billion in the form of tax breaks, loans and grants in the development of green technologies and semiconductor production in the country, Caliber.Az reports, citing Financial Times.

However, projects totalling $84 billion have been postponed either for a period ranging from two months to several years or indefinitely. Among the largest suspended projects were LG Energy Solutions' $2.3 billion battery storage facility and Albemarle's $1.3 billion lithium processing plant.

According to the companies, the reason for the suspension was deteriorating market conditions, slowing demand and a lack of certainty in government policy.

As FT notes, such indicators may hamper attempts by US Vice President and presidential candidate Kamala Harris to use the argument about the merits of the Biden administration in "revitalising industry" in the country to attract working-class voters to her side in the upcoming November presidential election.