Mr Biden’s IRA, which passed Congress last year, offers subsidies, grants and tax breaks to set up businesses in the US related to the clean-energy transition. Dr Forrest has taken the bait. “It’s absolutely IRA-driven. If you have external shareholders that you’re responsible to, you have to develop manufacturing capability around the world, but particularly in the United States because the incentives are so significant.” Fortescue bought the company then known as Williams Advanced Engineering in March last year. He recently installed one of his US executives to run the rapidly expanding firm, which could quadruple its British headcount by...