A simple import tariff would do the job.
I don’t like tariffs. A chip plant is going to take years to complete so the benefits are years away. Meanwhile, we still have to use foreign chips and the tariffs raise their prices for US consumers. The only winner from a tariff is the US gov’t from the money they collect...it’s a windfall gain to Biden because he does nothing productive, but gets paid anyway. A tax break is price-neutral while the plants are built and business benefits only accrue if they build the plant and hire more people.
The fereners would build their plants here. Or slap a tariff on our exports....but a tariff would help for a while. The u.s. govt. needs to make it easy for u.s. businesses to accomplish their goals. We would be able to build back much better ourselves.