The Globe and Mail reports in its Saturday edition that the tragedy of Joe Biden is that after setting out to be the most transformative American president since Ronald Reagan, he will ultimately be of little consequence. Guest columnist John Rapley writes that his successful revival of industrial policy, which appeared to have launched a genuine renewal of the country's productive capacity, will be shelved by Donald Trump. Given how easily Bidenomics will go the way of Betamax and the BlackBerry, it seems unlikely a future president will ever want to try something similar again. It would be premature to conclude that the United States' brief but ill-fated experiment with industrial policy signals its demise. It continues to be used elsewhere, most notably in China. Mr. Biden's Inflation Reduction Act, which subsidized renewable energy and electric-vehicle producers to speed up the country's energy transition, is on Mr. Trump's chopping block. Mr. Trump thinks climate change is a Chinese hoax and that EVs will lead to the "complete obliteration" of the U.S. carmaking industry. Meanwhile, Goldman Sachs says the tipping point where EVs are cheaper over all than conventional cars could come in as little as two years.
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