Is the UK too late to beat the US in the global trade war?

In the dusty cornfields of West Kentucky, an area which had long ago been abandoned as an industrial site is once again coming to life.

US manufacturer Ascend Elements has chosen the site to build a factory for electric car batteries made from recycled ones – an industry previously almost entirely based in China.

It has been drawn here by US incentives. The country is spending billions in new subsidies via loans and tax breaks targeted at green energy and vehicles.

Half of Ascend’s initial $1bn build costs were covered by the US government under this new scheme, known as the Inflation Reduction Act (IRA).

The move is part…