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Except for the fact that there are many necessary minerals for these batteries that are overwhelmingly located in China, and not present in meaningful quantities in the Americas. China is in a position of strong leverage here since they can control the price of mineral export even if our manufacturing ramps up.
This is part of his Infrastructure Bill, requiring battery materials to be extracted or processed in the United States or a U.S. free-trade agreement partner or recycled in North America on an increasing scale. China is way ahead, no question there. It takes time to build that infrastructure and by locking tax credits behind American investment we add pressure to build them on the US.
You can't extract minerals from where they don't exist. No law will change that.