Fair point. But the US could finance a meaningful portion of its current industrial policy over time by ending the de-industrial policy components of the current tax code that favor offshoring ...

The US currently collects almost no tax from its major pharmaceutical companies, which increasingly produce offshore for the US market as well. It equally collects little tax on Apple (and for that matter Microsoft's) profits on sales outside the US ...

The numbers here aren't enormous as a 15% tax rate -- but they would easily recoup the cost of the subsidies for chip investment in the CHIPS act, and they would cover a decent fraction of the IRA green industrial policy as well (tho not all)

So my view is that the debate over the fiscal cost of industrial policy is still a bit premature. pick the very low hanging fruit first (change the pro offshoring parts of the current corporate tax code and then we can talk ...)