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One of the stated goals for the current trade war is to build more industrial capacity in the United States. So far there doesn't seem to be much of it happening. In fact, all of the manufacturing surveys (and all evidence) so far suggests the reverse. But not that long ago there was a concerted effort to build more factories in the United States. Under President Biden there was a whole host of new industrial announcements funded in part via the CHIPS Act and the Inflation Reduction Act. But did we get anything from these bills? Do we have anything to show for it? Why is building more capacity in the United States so difficult? On this episode, we spoke with Hassan Khan, who recently left his position as the director of economic security in the CHIPS Program Office at the Department of Commerce, about what he learned, what he saw, what could be done differently, and what the results are actually were. Read more: With US Chips Act Money Mostly Divvied Up, the Real Test Begins TSMC’s Arizona Chip Production Yields Surpass Taiwan’s US Chip Grants in Limbo as Lutnick Pushes Bigger Investments Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.