News Snapshot:
The Inflation Reduction Act (IRA) remains the Biden administration’s most significant refutation of unfettered globalization. Administration leaders hold overzealous liberalization culpable for accelerating climate change, creating U.S. vulnerability to China-dominated supply chains, moving American middle-class jobs abroad, and generating attendant inequality and political divisiveness. Its solution is an embrace of industrial policy, led by the IRA, CHIPS Act and Bipartisan Infrastructure Law, which seeks to address these problems together. One year on, the success of the IRA — particularly for energy and climate goals — hinges on two categorical factors. The first is governance. IRS Notice 2023-38, from May, clarifies...