The big legislative package that came before the IRA was of course the CHIPS and Science Act, which also has a lot of incentives, particularly targeted to encourage the development of the semiconductor industry in the United States with other tangential technological investments.
This is a trend we're going to see. The IRA is not the last of these kinds of programs, and it may be one area on which the Democrats and the Republicans can agree. I said earlier that I don't think we're going to see big legislative achievements, but one area in which the Republicans and the Democrats are in agreement is how America is best able to counter China. You can fashion legislation in that regard, which will inevitably include incentives, because we're going to see more of that and should just be prepared for it.
Again, as I pointed out, Americans have practised protectionism since the founding of the republic.