Last week’s little noticed US data release on FDI inflows for 2022 casts doubt on claims that European firms moved quickly to redirect investment across the Atlantic in the months since the enactment of the CHIPS Act and the IRA. In fact, European firms reduced their planned expenditures on greenfield investments from a 2021 high of $20.5bn to just $5bn in 2022. American inducements have yet to reverse the decade-long trend decline in EU greenfield investments in the United States.