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Joe Biden starts to campaign on AI

On May 8, Joe Biden spoke at Gateway Technical College in Racine, Wisconsin. The president was bragging.

Six years after his predecessor, Donald Trump, visited the same city to boast of Taiwanese tech company Foxconn’s $10 billion plan to bring a LCD manufacturing plant to Racine — that never materialized — Biden chose the same site for a new high-tech manufacturing project of his own. Microsoft will invest $3.3 billion to build a new data center to support artificial intelligence, a project that the company says will bring 2,000 permanent jobs and 2,300 union construction jobs to Wisconsin.

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U.S. President Joe Biden gives a fist bump salute to the audience during an event to celebrate the anniversary of his signing of the 2022 Inflation Reduction Act legislation, on Aug. 16, 2023.

REUTERS/Kevin Lamarque

Viewpoint: Challenges facing Biden’s IRA one year later

Key to President Joe Biden’s agenda, the Inflation Reduction Act, which was signed into law on Aug. 15, 2022, contains about $400 billion in new spending and tax breaks aimed at jumpstarting the transition to a low-carbon economy in the US. Alongside the Chips+ Act and the Bipartisan Infrastructure Law, the IRA also aims to reinvigorate US manufacturing to allow the country to better compete with China.

Biden’s embrace of industrial policy to achieve these aims has been controversial because of its expense and the concerns of trading partners that the massive government assistance gives US firms an unfair advantage. So, is the bet paying off? We sat down with Eurasia Group expert Milo McBride to ask him what the IRA has achieved in its first year.

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