They tried cutting taxes like crazy since Reagan and it's been a complete and utter bust.
The specific problem with chip manufacturing is that this is a dirty business requiring lots of chemicals and lots of water. There is simply no way anything like that can happen in Western Europe now. You will have millions of sanctimonious kids with nothing more meaningful in their lives than marching with signs about saving the ground, etc, and then angry politicians will get on soapboxes and denounce the greedy-ground-polluters in order to win elections, and so Europe will continue to buy their chips from factories located in East Asia or America, where there are jurisdictions in which people have other things to give their life meaning.
Manufacturing has been pouring into East Asia not because asians are better at manufacturing, but because they value it enough to make systematic efforts to attract and promote it. It's about values and worldviews much more than a simple thing like tax rates (although East Asia has reasonable business tax rates, they have phenomenally cheap credit for manufacturers, good infrastructure, and very stable regulations.)
Moreover the environment is not some fragile thing that is "destroyed" by a chip plant. So here, too, there is a lack of understanding about what is happening so that people can make claims of personal righteousness (and the "environment" is just a place-holder that can and is swapped out for other concerns that yield more self-righteousness credits per unit effort at the drop of a hat).
The tariffs should match the cost of said overhead.
The combination of rigid environmental/labor practices in the developed world with an equally fanatical devotion to unfettered cross-border capitol flows and 'trade' is systematically immiserating the West and leading to massive net environmental damage even though both of these goals: cosmopolitanism and environmentalism, are individually the darlings of western elites.
It’s caused numerous cultural and environmental problems.
Look at the sad state of the US today.
We didn’t even have the production capability to make n-95 masks.
Meanwhile, company spokesmen tell us that if we want change we should push our legislators; while having wholesale monopolies on lobbyists who do everything they can to ensure offshoring is extremely profitable.
Which grows the warchest of those screwing us over that much more.
Of course there is Ireland, but that's a fundamentally different situation -- Ireland exists as a type of corporate welcome mat and shouldn't be categorized with "europe" when you are talking about business climate/regulations.