Donald Trump has described the Inflation Reduction Act (IRA) as a “green scam” and vowed to repeal it after he returns to the White House in January. This is bad news for sectors such as electric vehicles (EV) and wind power, which have been major recipients of the Biden administration’s signature $369 billion energy transition legislation.
But some of the “new green deal” money has also been channeled to the US industrial base, such as the $75 million allocated for an upgrade of Constellium’s aluminum rolling mill in West Virginia.
Will this too be clawed back? It seems unlikely because when it comes to rebuilding US industrial capacity and cutting the country’s critical minerals dependency on China, there is remarkable cross-party consensus. Indeed, it was then-President Trump who in 2020 declared the country’s “undue reliance” on “foreign adversaries” for critical minerals a national emergency.
For the rest of this column: https://www.reuters.com/markets/us/trump-20-wont-reverse-bidens-critical-minerals-push-andy-home-2024-11-21/