What about the costs?
Unless the US government is going to heavily subsidise this then why would Intel move production back? I am sure that the current administration is quite capable of committing billions to do something like this but it will take time to get online and for Intel, what do you build? They are stuck between different wafer thicknesses, at the dog end of one and desperately trying to get 7nm to 10nm to work.
I am assuming the production costs are also higher unless POTUS is planning on further hitting their workforce by pushing wages to Chinese levels.
Given that everything in the West is geared to the lowest possible cost regardless of longevity of the product and maximum profit in the shortest time I am not sure it will work.