New York | Some 40 per cent of US manufacturing investments announced in the first year of President Joe Biden’s signature overhaul of industrial and climate policy have been delayed or paused, according to a Financial Times investigation.

Mr Biden’s Inflation Reduction Act and Chips and Science Act offered more than $US400 billion ($607.5 billion) in tax credits, loans and grants to spark development of a domestic US cleantech and semiconductor supply chain, but projects worth a total of $US84 billion have been delayed for between two months and several years, or paused indefinitely.

Financial Times