Investing in America
The Financial Times proposes to publish this Special Report on December 10, 2024
We plan to include the following pieces of content (please note this list is provisional):
Biden’s FDI Record: The Final Verdict.
Joe Biden has staked much of his legacy on his ability to promote investment in the US’s manufacturing sector, which has been particularly attractive to foreign investors in the battery, EV and microprocessor industries. As he leaves the White House, the FT takes a data-led look at whether all the big greenfield investment announcements have borne fruit or just been a lot of public relations hype.
A New President, A New Industrial Policy?
With a new president coming into office, there will inevitably be changes in approach to attracting foreign investment. Tariffs have gained bipartisan political support, and some Republicans have even threatened to roll back incentives in Biden’s signature Inflation Reduction Act. We look at what the new administration could bring when it comes to foreign companies in the US.
Case Study: Nippon Steel.
On its face, the Nippon Steel acquisition of US Steel should have been a win-win for both companies, as well as the United Steelworkers, who at any other time may have welcomed an investment from an allied country with long and deep roots in the American economy. But the deal was announced in the maw of a presidential race where protectionist sentiment had run rampant. What went wrong?
The Great AI Land Rush.
After it became clear that fast-growing green energy companies were scrambling for greenfield sites to build new plants, states across the US began priming locations to attract their investment. But the new AI boom has complicated these efforts: sites that had once been begging for customers are now being inundated with inquiries from Big Tech groups looking to build data centres and energy plants for the booming AI industry. We visit a site in Indiana and tell the tale
The Secret to Chinese Success.
Chinese investment in the US have faced hurdles that have made headlines across the world: threatened bans for TikTok, crypto miners kicked out of Wyoming, Shein’s New York IPOs thwarted. But one sector of the Chinese business community has quietly made a success of its American ventures: the solar industry. How have Chinese solar companies done it?
Has the Semiconductor Boom Stalled?
The threat posed to Taiwan’s semiconductor industry convinced legislators in Washington to back a government-led industrial policy to incentivise chip fabs on American soil, including by foreign giants like TSMC and Samsung. But complex Commerce Department regulations have stalled several of these investments, and foreign companies have faced the brunt of the red tape.
The New American Koreatowns.
Few countries have invested more capital in the US than South Korea, moving the Asian powerhouse into first place among foreign countries announcing greenfield investments in the US. That has led to a boom in Koreatowns in unexpected places, from Kokomo, Indiana to Savannah, Georgia
Case Study: Toyota in North Carolina.
It was the largest single investment by a Japanese company in the biggest new plant ever built in North Carolina: Toyota is building a $13.9bn battery plant in Greensboro, a town of 300,000 in the heart of the state’s old tobacco country. How has the Toyota investment changed the small, historic town?
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