July 31, 2022 5:30 am ET
A mega-spending package to
grow U.S. semiconductor production must reckon with a tough reality: The world is already awash in chip-making incentives.
What makes the U.S. effort unique is the enormous one-time sum—roughly $77 billion in subsidies and tax credits—earmarked to boost American manufacturing of the ubiquitous tech component. But other countries, especially in Asia, have doled out government dollars and offered favorable regulations for decades. And they plan for more.