The US was for decades the exemplar of free market globalisation. That changed with Donald Trump’s ‘America first’ agenda. President Joe Biden’s landmark Inflation Reduction Act continues the push for re-industrialisation by using tax credits, loans and grants in a bid to create a domestic clean energy supply chain. The FT looks at three companies using IRA incentives to invest in the US and examines whether the legislation signals the end of globalisation
#manufacturing #globalisation #useconomy #joebiden #inflationreductionact #trade #tradewar #industrialstrategy #protectionism
00:00 – What is the Inflation Reduction Act?
03:46 – Georgia embraces clean energy dollars
08:20 – General Electric brings jobs back to the US
11:49 – How the Inflation Reduction Act changed the world
14:15 – What the Inflation Reduction Act means for Europe
16:22 – Trade tensions and international relations
19:06 – China remains the factory of the world
22:06 – What the Inflation Reduction Act means for the global south
24:14 – A second Trump administration could change everything
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UK needs a trade agreement with the US
Okay, take Qcells. $2.5 billion buys you 4000 employees. You can onshore your external profits, and the gov't will PAY YOU TO DO IT if you set up a demonstration factory they can take a tour in. God Bless America!
I currently have $800k in a high yield savings account, yes I’m making gains but to what extent with inflation eating away at the dollar? Am I better off investing in the stock market or buying a house?
Invest in energy storage, material chemistry and biotechnology.
CO2 fear is the most destructive force on earth. It's given to well-meaning people by utility CEOs poised to make trillions by giving them that fear. Replacing oil with their electrons is absolutely suicidal.
Silly question. Since we're talking like the US is going to go protectionist broadly not just with green energy; what stops EU and China getting into bed together if the US withdraws from the world?
Globalization destroyed the American middle class, rich people love it because it is cheaper for them to send production to poor countries.
What % of the IRA budget has gone to green initiatives ?
I haven’t looked, but I’m faithful that this comment section is full of productive, cogent discussions between sober and informed academics and enthusiasts who aren’t driven by manipulative agendas and tragic assumptions.
I’ve never heard the US South referred to as the “Battery Belt,” but I love it.
Hope the strategy of pouring green energy money mostly into red states pays off politically in the coming years.
Biden is not going to have to worry about the plan. He will be gone soon.
Geopolitics aside, the fact that Mexican labor is now 1/3rd the cost of Chinese labor means pure economics alone will force the American industrial base to relocate closer to home. If the current rate of factory build out continues alongside our energy independence, U.S. can reach pre-WW2 levels of economic isolation within 10 years. And I'm all for it!
Does this mean that procurement/ international trade consultants will be in greater demand to help companies circumvent all of this?
This is hilarious! Congratulations President Biden!
Biden could never win another election
did that man say building turbans instead of turbines ?
Biden is playing the long game to reduce the inflation over time. Short-term inflation reduction, like a tax cut, is always a gamble that might increase the inflation over time.
They don’t care about the environment.
Here is what is really going on
– Declining Profits: Reduced profitability in China compared to previous levels.
– Loss of Control: Companies' realization that they couldn't control China as easily as they thought, unlike their influence in U.S. politics.
– Return to the U.S.: Factors prompting companies to relocate operations back to the United States.
So the “Inflation Reduction Act” is in many ways a massive government spending program that could possibly create more inflation; (normally that’s what happens when a country spends more that it collects). The irony!
American needs to be self sustaining first and forever.
Not now but Globalization died in Syria.
Sounds like the government is doing its job.
This is an ad not a documentary. Shame on you ft! Shame on you!
The #ccp of #china has been attacking free & democratic countries in many ways since the late 90's. Democratic countries should stop funding their enemies, those being #socialist & #communist states.
A deindustrialized country is an unstable country in today's world. This is one of the things about Biden versus Trump: from a utilitarian perspective, Biden's pumping up the anemic industrial economy of the US in ways that may better protect business owners and workers at home than the regressive tax refund and protectionism Trump depended on.
The U.S. has an ace up its sleeve…Mexico.
Germany will win it😂. The country with no sun and wind, brilliant. It’s the same in the U.S., you can’t just stick these anywhere and expect them to produce more energy than the carbon used to make them, so in effect they are not green. Good luck with the electric cars as no one is buying them anymore and who would want to at the moment, a fire hazard, if the battery case is broken that’s the car written off so insurance rates will rise, they are heavier so damage the roads more.
Complaint of developing country have been invalidated …. by proving case of china… more polluting than any other country.😅
Government is notorious bad at making business decisions
Leave it to Americans to call climate change "a war we have to win". We're moving out of a predictable, agreement based world into one in which trust is taken for granted. The implosion of trust – e.g. when people realise the precarious value of the imaginary dollar – will have a profound impact on everyone's wealth. Again, leaving governments empty handed, corporations richer, and us, the people, with the bill.
I’m no fan of Trump, or Biden for the matter, but if I’m not mistaken the push to bring back manufacturing to the US was a policy Trump initiated.
"China is the largest polluter, US is second"….China also eats way more food than the US and drink more water….take a guess why.
There is still a missing link in the chain. Photovoltaic solar in the US southwest deserts with battery backup is the cheapest, cleanest form of energy and can replace all fossil fuel usage. But it takes 10 years or more to negotiate transmission line siting to bring the power to population centers. Likewise for mines to produce lithium for batteries. Without fixing this, there are real limitation renewable energy growth.
The world don’t want to work with you. Change you view to the world equality and peace ✌🏾
Good to see some manufacturing return to the U.S. Covid-19 and the lockdown-led supply chain issues was proof that you cannot rely on just one country for everything.
Propaganda
23:21 lmao here we go again 🤣🤣🤣
Anyone who uses the term "clean energy" without extensive disclaimers, constraints and ifs, automatically loses credibility with me.
"Clean" means: "I haven't given a second of thought to the full lifecycle costs and CO2 emissions of a wind/solar farm, I'm just being paid to play along."
This move wasn't the end of globalization, it just means that America wont get left behind, and will be a bigger player within the realm of globalization. Thinking ahead is what America has been about. Thanks Biden.
Industrial policy is essential. We made the mistake of listen to too many loser ivy league MBAs who have zero skills.
Appointing Lina Khan and the inflation reduction act are why I will be voting Biden again despite his crippling flaws
No we do not need China, China decoupling is happening. If you don't support that you will be voted out
Like Europeans haven’t subsidised companies in Europe half the continent wouldn’t be competitive. No growth no money and high debt in Europe. There is concentration around Germany and France which is value extraction!
Sorry but the EU doesn’t contribute to the military budget either complete useless!
Trump started it all, Biden is just following up with what Trump would’ve done! Can’t wait for him to back in the White House. #Trump24🇺🇸
Globalization is an environmental crime and catastrophe
Bringing back artisan economies to countries and not just the USA is therefore a no brainer
Sure products will be more expensive but wages will eventually keep up and people can afford more expensive products
Imagine how much the world pollution can be reduced by not sending resources half a way around the world and than ship manufactured goods back again half around the world
Who ever invented globalization are fools shortsighted and just saw shareholders profits
Dear WTO GFY
Oh so Trump had some good ideas after all amd was NOT an existential threat to the United States. All the people fighting tooth and nail to remove Trump should be removed immediately and all the media outlets that broadcast misinformation about Trump should be shut down. Oh yes and Hillary should be in Prison along with Fauci
My great grandpa was a Democrat during the Great Depression he went from being homeless at 18 and working on farms, to owning 5 properties in our town thanks to New Deal policies. Democrats are the party of the New Deal, Great Society, and more. Why have we lost our identity? Democrats if you want to win, get tough on immigration and stand up for American workers again! Stop embracing the rich, embrace the worker!
What will be the technical learning curve? Asian countries have been doing these technical manufacturing for decades. How long will it take an American to learn this new skills, new for our citizens anyway. “All us Americans with sugar and substitute sugar brains?”
💡(Realization) No wonder our government is starving us Americans, they are trying to put our bodies in Ketosis to build back a better brain! 😂
Anyways, hope we start producing competitive and sustainable new technologies in not years but a year or less.